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Goods in transit – Co’s responsibility at dispatch point

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Goods in transit – Co’s responsibility at dispatch point

  • This topic has 1 reply, 2 voices, and was last updated 6 months ago by Kim Smith.
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  • Author
    Posts
  • January 4, 2025 at 9:20 am #714403
    Laremi
    Participant
    • Topics: 1
    • Replies: 2
    • ☆

    Good morning! Could you kindly explain the following Kaplan response regarding an audit risk and the appropriate auditor’s response?
    Lapis Co purchases its raw materials from
    overseas suppliers and has responsibility
    for goods at the point of dispatch, with
    materials in transit for up to six weeks.
    At the year end, there is a risk that cut?off
    may not be accurate and inventory,
    purchases and payables may be
    understated as the company may not
    correctly recognise the raw materials from
    the point of dispatch.
    What are the rules for this situation? When do we need to recognise the inventory, purchases and payables and why?
    Thank you! I appreciate your help!

    January 4, 2025 at 11:10 am #714405
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    Welcome to my AA foum!

    Please see here my response to a very similar question: https://opentuition.com/topic/goods-is-three-weeks-in-transit

    Please do not hesitate to ask if you require further clarification.

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