Multiple Choice
The audit tests to verify that the client is using an inventory method which is generally accepted and to verify that physical counts were correctly summarized are performed during the audit of the
A) acquisition and payments cycle.
B) payroll and personnel cycle.
C) inventory and warehousing cycle.
D) sales and collection cycle.
Correct Answer:

Verified
Correct Answer:
Verified
Q84: The auditor's tour of the client's inventory
Q85: Ratios such as the gross margin percentage
Q86: Which one of the following substantive analytical
Q87: Given the following information about your audit
Q88: Auditors should design appropriate tests of internal
Q90: Inventory is a complex area to audit
Q91: The audit of year-end physical inventories should
Q92: The main difference between job order and
Q93: In addition to performing analytical procedures that
Q94: Auditing standards recommend that auditors observe physical