Multiple Choice
IT technology related to inventory can be very useful in maintaining accurate records for inventory balances if
A) the internal controls for the technology are effectively designed to prevent or detect misstatements of purchases
B) the internal controls for the technology are effectively designed to prevent or detect misstatements in the financial statements
C) the internal controls for the technology are effectively designed to prevent or detect misstatements of inventory
D) the internal controls for the technology are effectively designed to prevent or detect misstatements of costs of goods sold
Correct Answer:

Verified
Correct Answer:
Verified
Q33: How does the auditor gather evidence during
Q34: In the inventory process,the auditor might perform
Q35: Auditing a cost accounting system will require
Q36: The LIFO reserve is<br>A)the difference between the
Q37: When an overstatement misstatement in inventory occurs<br>A)cost
Q39: Assume that you have received the
Q40: Management assertions about the accounts in the
Q41: An inventory balance is immaterial when<br>A)knowing the
Q42: Management assertions about the accounts in the
Q43: On the income statement,the inventory process is