Use the chart provided below to determine the impact if a company forgets to include $3,500 of inventory that was shipped FOB shipping point on December 15,2017 but was still in transit at year end.The purchase invoice was received before year end and appropriately included in the purchases and accounts payable.
Definitions:
Accounting Standards
Principles that guide and standardize accounting practices to ensure financial statements are prepared consistently and transparently.
Evidential Matter
Evidential matter comprises all the documents, confirmations, and information gathered by auditors to substantiate their opinion on the financial statements' fairness.
Analysis Overview
A summary or brief outline that highlights the key points and findings of a detailed analysis.
Industry Standards
Established norms and guidelines that practitioners and firms within an industry follow to ensure quality, safety, and efficiency.
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