Multiple Choice
Which of the following is not one of the independent auditor's objectives regarding the examination of inventories?
A) Verifying that inventory counted is owned by the entity.
B) Verifying that the entity has used proper inventory pricing.
C) Ascertaining the physical quantities of inventory on hand.
D) Verifying that all inventory owned by the entity is on hand at the time of the count.
Correct Answer:
Verified
Correct Answer:
Verified
Q37: The major control procedure for preventing fictitious
Q38: In an audit of inventories, an auditor
Q39: Shipping orders are forwarded from the revenue
Q40: Inventory should be valued using the lower-of-cost-or-market
Q41: Tracing costs used to price inventory to
Q43: The auditor tests the quantity of materials
Q44: In obtaining an understanding of a manufacturing
Q45: When perpetual inventory records are maintained in
Q46: A high inventory turnover ratio normally indicates
Q47: The "cradle-to-grave" cycle for inventory begins when