Multiple Choice
Almost all companies need physical controls over their assets to prevent loss. Which of the following is not an example of such a control?
A) perpetual inventory master files
B) segregated, limited-access storage areas
C) custody of assets assigned to specific responsible individuals
D) approved prenumbered documents for authorizing movement of inventory
Correct Answer:

Verified
Correct Answer:
Verified
Q2: The reliability of perpetual inventory master files
Q3: To ensure proper segregation of duties, who
Q4: A common source of business risk for
Q5: In some inventory systems, raw materials can
Q6: Which of the following is an accurate
Q8: The test of details of balance procedure
Q9: An auditor must inquire about consigned or
Q10: You are auditing the inventory account and
Q11: When part of the client's inventory is
Q12: When verifying the transfer of inventory from