Ask Question
5 March, 00:33

Q 6.29: Accurate Auditing is conducting an inventory count for Blake Industries. Blake intermingles empty boxes with full boxes in the storeroom. How would falsifying its inventory account have affected Blake's financial statements if the auditors had not discovered the fraud?

+4
Answers (1)
  1. 5 March, 00:49
    0
    The asset would have been overestimated

    Explanation:

    An inventory account deals with assigning values to all the items or goods that are involved in the production process ranging from raw goods, processed goods to market-ready goods.

    An inventory represents an asset to a company. Hence, the presence of empty boxes in the storeroom if otherwise taken as full boxes will lead to an overestimation of the asset unless they are discovered.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Q 6.29: Accurate Auditing is conducting an inventory count for Blake Industries. Blake intermingles empty boxes with full boxes in the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers