Which of the following factors could cause a company’s gross profit percentage on sales to fall below the expected level?(1) Overstatement of the opening inventory valuation.(2) The incorrect inclusion in purchases of invoices relating to goods received from suppliers in the following period.(3) The incorrect inclusion in sales of invoices relating to goods despatched to customers in the following period.(4) Increased discounts received from suppliers.
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A Dr Cash Cr Sales B Dr Sales Cr Trade receivables C Dr Trade receivables Cr Sales D Dr Cash Cr Trade receivables
4 .Which of the following statements is correct?
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A 1 and 2 B 1 and 3 C 2 and 4 D 3 and 4
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A 1 and 2 only B 1 and 3 only C 2 and 3 only D All three statements are correct
