Multiple Choice
The perpetual inventory system records additions to inventory as inventory is manufactured or purchased and deletions from inventory as inventory is sold.But it does not record
A) obsolete items
B) one time special purchases
C) inventory shrinkage
D) inventory rebates
E) inventory returns
F) both A and C
G) both B and D
H) both D and E
Correct Answer:
Verified
Correct Answer:
Verified
Q18: Market value is determined by<br>A)what the inventory
Q19: For the inventory process,management asserts that inventory
Q20: <b>Describe</b> the following audit procedures,providing an<b> example</b>
Q21: The perpetual inventory files reflect<br>A)the inventory valuation
Q22: If the auditor reviews the lower of
Q24: Because the most likely misstatement in the
Q25: Management assertions about the accounts in the
Q26: Inventory costs are assigned to the manufactured
Q27: During your observation of the inventory count
Q28: Accurate cost data for raw materials,direct labor,and