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CASE -company is not able to ascertain inventory count hence it doesnt have sufficient appropriate evidence with regards to completeness and existance of inventory(The amount which the company is unable to ascertain is MATERIAL)
QUESTION -which of the following correctly summarises the effect of the issue relating to inventory count at the year end?
OPTIONS – A) opening inventory may be materially misstated
B) gross profit may be overstatedDOUBT – The right answer shown is B but why is B the right answer would’t A be a more appropriate answer since based on given info only A could be said?
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