From which of the following procedures would an auditor obtain evidence about the existence of inventory? a.

Question:

From which of the following procedures would an auditor obtain evidence about the existence of inventory?

a. Physical inventory observation.

b. Written representations from management.

c. Confirmation of inventories in a public warehouse.

d. Recomputation of the final priced inventory.

Choose the correct answer.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing And Assurance Services

ISBN: 9780538869522

5th Edition

Authors: David Ricchiute

See More Books

Question Posted: May 04, 2024 02:02 AM

See More Questions

Multiple Choice 1. Which of the following procedures would an auditor most likely rely on to verify managements assertion of completeness? a. Reviewing standard bank confirmations for indications of...
14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
Multiple Choice Questions 1. Analytical procedures performed in the overall review stage of an audit suggest that several accounts have unexpected relationships. These results most likely would...
12. Assume that the government has placed a regulation on the emission from diesel that will increase the cost of diesel. Graphically and verbally describe the impacts of this regulation on the...
List and explain the factors that contribute to poor surface finish in machining operations.
In a famous study by the Physicians Health Study Group from Harvard University from the late 1980s, 22,000 healthy male physicians were randomly divided into two groups; half the physicians took...
The members of the truss are assumed to be pin connected. If member $A C$ is an $\mathrm{A}-36$ steel rod of 2 in. diameter, determine the maximum load $P$ that can be supported by the truss...
Financial statements for Par Corporation and its 75 percent-owned subsidiary, Sal Corporation, for 2012 are summarized as follows (in thousands): Par Corporation acquired its interest in Sal at book...
1. A force of 6.27 N acts through a distance of 12 I'm in the direction of the force. Find the work done? 2. A car travels north at 26, I m's for 13.1 min. It then travels south at 41.3 m/s for 20.9...
What control objective is served by management implementing written procedures for all additions, disposals, and retirements? a. Procedures for operating, using, and physically moving plant assets...
To determine whether merchandise is included in ending inventory, an auditor could test: a. Open purchase orders. b. Purchase cutoff. c. Commitments made by Purchasing. d. Invoices received on or...
The two paths to the medium-run equilibrium explored in this chapter make two different assumptions about the formation of the level of expected inflation. One path assumes the level of expected...
2. 1. This is an example that illustrates accounting capturing organization history on an event-by-event basis. This means that whenever an event happens, the accounting system records the event. The...
Section 2 A) During the fiscal year of 2023/24, John received 40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd...
The stock of Alpha Tool sells for $81.20 per share. Its current dividend rate, D 0 , is $3 per share. Analysts and investors expect Alpha to increase its dividends at a 20 percent rate for each of...
Channel Tunnel Inc. plans to build an additional 23-mile-long tunnel under the English Channel for added train service. The cost (NINV) of the tunnel is expected to be $2.4 billion. Net cash inflows...
Consider two pulsation variance. Start with the model X~N(,0), i = 1,..., X2j~ N(,02), j = 1,..., . We are interested in estimating of/o3 and estimate it by s7/s2, where -(X,-X) = ny- and X =- -...
The reaction shown gives a single product in 88% yield. What is that product?
It is possible to investigate the thermo chemical properties of hydrocarbons with molecular modeling methods. (a) Use electronic structure software to predict cHo values for the alkanes methane...
Increasingly concerned with the health and safety consequences of drinking alcoholic beverages during commercial flights, Congress decided to amend existing statutes. Congressional hearings revealed...
Tigreal Inc. purchases a patent from Leonil Company for $28,000 in cash. The patent has seven years remaining in its term. What is the entry to record the purchase?
A heavy chandelier with mass 130 kg is hung by chains in equilibrium from the ceiling of a concert hall as shown in the figure below, with = 30.0 and = 72.0. Assuming the chains are massless, what...

From which of the following procedures would an auditor obtain evidence about the existence of inventory? a.

Question:

Step by Step Answer:

Auditing And Assurance Services

Students also viewed these Business questions