Multiple Choice
The client may use a variety of methods to overstate inventory.These include
A) inaccurate purchase history
B) inaccurate inventory expense recording
C) incorrect recognition of manufacturer rebates
D) incorrect LIFO reserve calculations
E) writing off obsolete inventory
F) both A and B
G) both C and D
Correct Answer:
Verified
Correct Answer:
Verified
Q69: If the auditor selects the sample of
Q70: If the inventory is material to the
Q71: The inventory physical count gives the company
Q72: If the auditor selects the sample of
Q73: The transactions audited in the inventory process
Q75: If attendance at physical inventory counting is
Q76: Management assertions about the accounts in the
Q77: In the inventory process,the auditor might perform
Q78: How does the auditor gather evidence during
Q79: It is the auditor's job to review