Purchase Cut-Off Procedures Should Be Designed to Test Whether or Not

Multiple Choice

Purchase cut-off procedures should be designed to test whether or not all inventory:

A) on the statement of financial position was carried at lower of cost or market.
B) purchased and received before the year-end was recorded at year-end.
C) owned by the company is in the possession of the company.
D) on the year-end statement of financial position was paid for by the company.