Home » Accounts (Principles of Accounts) » Closing stock was overstated. The effect is thatClosing stock was overstated. The effect is that Closing stock was overstated. The effect is that A. amount of goods available was understated B. cost of goods sold was overstated C. amount of sales was understated D. gross profit was overstated Correct Answer: Option D Explanation Related Posts Which of the following is accounted for in receipts and payment account Given: From the above information, the gross profit from department X is The objective of departmental account is to WHAT IS THE STOCK VALUATION METHOD USED? Which of the following is found in a Sales Ledger Account? Given: Calculate the surplus income.
