Question 1
To ensure proper segregation of duties, who should maintain the perpetual inventory master files?
◦ production personnel
◦ inventory storeroom personnel
◦ inventory receiving personnel
◦ accounting department personnel
Question 2
When auditing inventory cost accounting, the auditor is concerned with all of the following
except for
◦ net realizable value.
◦ unit cost records.
◦ physical controls over inventory.
◦ documents and records for transferring inventory.