Question

Assume that during cutoff testing you determine that the last receiving report number for inventory was 24986. Which of the following receiving report numbers would you not expect to be included in inventory and accounts payable at year-end?

A) 24987
B) 24988
C) 24985
D) 24986

Answer 1

D) 24986 would not be unexpected in inventory and accounts payable at year-end since it's the last reported number for receiving during testing. However, it could potentially be the starting point for any discrepancies or adjustments needed during the year-end closing process.

(Ai generated)