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Author Question: Which of the following is an accurate statement regarding perpetual inventory master files? (Read 88 times)

madimontg

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on: Aug 21, 2022

Question 1

Which of the following is a significant audit concern related to the transfer of inventory from one location to another?
◦ Recorded transfers occurred.
◦ Transfers were properly transported.
◦ Transfers were properly planned.
◦ Transfers represent efficient movement of assets.

Question 2

Which of the following is an accurate statement regarding perpetual inventory master files?
◦ When perpetual inventory master files are accurate, auditors can test the physical inventory after the balance sheet date.
◦ It is a difficult procedure for the auditor to test the accuracy of the perpetual inventory master files.
◦ Auditors test the perpetual records for reductions in finished goods for sale as part of the sales and collection cycle.
◦ All of these are accurate statements.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
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Marked as best answer by madimontg on Aug 21, 2022

kaelamcrone

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Reply #1 on: Aug 21, 2022
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madimontg

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Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

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Reply 3 on: Yesterday
Wow, this really help

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