The CPA Firm Auditing Capri Corporation Found That Net Income

question 140

Multiple Choice

The CPA firm auditing Capri Corporation found that net income had been overstated.Which of the following could be the cause?

• A)Failure to take advantage of purchase discounts by paying within the discount period.
• B)Overstatement of inventory at year-end.
• C)Use of the last-in,first-out (LIFO)method of valuing inventory in a period of rising prices.
• D)Failure to record payment of an account payable to a supplier on the last day of the year.

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