Question: 1 . A _ _ _ _ _ _ _ _ _ _ rate of inventory turnover suggests the possibility of inventory obsolescence. 2 .

1 .

__________

rate of inventory turnover suggests the possibility of inventory obsolescence.

2 .

Examining receiving documents for several days before and after year

-

end is designed to test the proper cutoff of

__________

transactions.

3 .

Inventories stored in public warehouses should be

__________

with the custodians.

4 .

Even though the auditors are unable to obtain evidence regarding the fairness of beginning inventories, they may still issue an unmodified opinion on the client's

__________.

5 .

The auditors observe the inventory taking primarily to obtain evidence of the

__________

assertion and to a certain extent the client's rights to the inventories.

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