This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is an accurate statement regarding the audit of pricing and compilation of inventory? (Read 70 times)

camac77

  • Full Member
  • ***
  • Posts: 139
on: Aug 21, 2022

Question 1

The test of details of balance procedure which requires the auditor to perform tests of lower of cost or market, selling price, and obsolescence is an attempt to satisfy the objective of
◦ existence.
◦ completeness.
◦ accuracy.
◦ realizable value.

Question 2

Which of the following is an accurate statement regarding the audit of pricing and compilation of inventory?
◦ Inventory compilation tests include all of the tests of the client's unit prices to determine whether they are correct.
◦ The review for obsolete inventory should be performed by the accounting department.
◦ The most important internal control for accurate unit costs is external verification by an outside consultant.
◦ Inventory compilation internal controls are needed to ensure that the physical counts are correctly summarized and priced.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by camac77 on Aug 21, 2022

queenBea90

  • Full Member
  • ***
  • Posts: 171
Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly


camac77

  • Member
  • Posts: 139
Reply 2 on: Aug 21, 2022
Great answer, keep it coming :)

tandmlomax84

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Example of an Explanation of Benefits statement. Example of an Explanation of Benefits statement.
Electronic digital thermometers are accurate and easy to read. Electronic digital thermometers are accurate and easy to read.
In-line blending is the most accurate method for blending ethanol with gasoline because computers ... In-line blending is the most accurate method for blending ethanol with gasoline because computers ...
Accurate lesion bypass by Pol h Accurate lesion bypass by Pol h
Manage First: Inventory and Purchasing Manage First: Inventory and Purchasing
A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ... A bank statement shows a balance of $2,970.31 The check register of the account owner shows an ...
Video: Cardiac Cycle (Part 1 of 4)

For a complete list of videos, visit our video library