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The figures below are a summary of an analytical review of the draft financial statements...

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Accounting

The figures below are a summary of an analytical review of the draft financial statements of Harsh Ltd. The review was carried out at the planning stage and the comparison was made against the original budget for the financial year.

Based on the results of this review indicate whether or not you would investigate or accept the reason for any differences

Actual

Budget

Investigate

Accept

(a) Quick ratio

0.9:1

1.2:1

(b) Gross profit

56%

64%

(c) Net profit margin

12%

14%

(d) Receivables days

38 days

42 days

(e) Payables days

36 days

49 days

(f) Stock turnover

9 times

12 times

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