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Question 304 - IIA-CIA-Part3 discussion

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The internal audit activity has identified accounting errors that resulted in the organization overstating its net income for the fiscal year. Which of the following is the most likely cause of this overstatement?

A.
Beginning inventory was overstated for the year.
Answers
A.
Beginning inventory was overstated for the year.
B.
Cost of goods sold was understated for the year.
Answers
B.
Cost of goods sold was understated for the year.
C.
Ending inventory was understated for the year.
Answers
C.
Ending inventory was understated for the year.
D.
Cost of goods sold was overstated for the year.
Answers
D.
Cost of goods sold was overstated for the year.
Suggested answer: B
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asked 18/09/2024
Niall Dempsey
35 questions
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