Multiple Choice
Mary Monitor,CPA,noted that ABC Co.received goods prior to year-end that were included in physical inventory but had not been recorded.In this case,which of the following adjustments should be made?
A) Debit Purchases/credit Cost of Goods Sold.
B) None.
C) Debit Inventory/credit Accounts Payable.
D) Debit Cost of Goods Sold/credit Accounts Payable.
Correct Answer:
Verified
Correct Answer:
Verified
Q32: An auditor selected a product maintained in
Q87: Inventory observation may need to be scheduled
Q88: The production order is the document used
Q89: When auditing inventories,an auditor would least likely
Q90: A client maintains perpetual inventory records in
Q91: When evaluating inventory controls,an auditor would be
Q92: The typical functions of the production and
Q94: _ are used by the purchasing department
Q95: The sales forecast is the document that
Q96: An inventory roll back is required when