Question

Mighty Tools Hardware runs a network of small hardware retail outlets across the state. All sales are
made for cash or on credit card and processed through electronic tills. A wide range of goods are
stocked by the stores, meaning that the business deals with a large number of suppliers. All goods are
purchased on credit with varying terms, depending on the supplier. Invoices are paid by cheque after
a package of documents is collated and approved for payment. Ordering of goods and subsequent
payments are processed by the central office with delivery direct from supplier to the stores no
central warehouse is used. Mighty Tools uses a perpetual stock system and conducts test counts at
regular periods throughout the year.
(b) Explain how the stocktake for Mighty Tools Hardware should be audited. What details are most
important? (4 marks) (230-250 words)​

Answer 1

Explanation:

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