1. The audit objective "Recorded inventory quantities include everything on hand" is related to which Audit procedure:

A: Examine current vendor's price lists

B: Select a sample of items during the physical inventory count and determine that they have been included on count sheets

C: Review drafts of the financial statements

D: Select a sample of recorded items on count sheets during the physical count and determine that items are on hand.

E: Select a sample of recorded items and examine supporting vendor's invoices, and contracts.

2. The audit objective "Recorded inventory quantities include everything on hand"is related to which Financial Statement Assertion:

A: Presentation and disclosure

B: Existence or occurrence

C: Completeness

D: Valuation or allocation

E: Rights and obligations

3. The audit objective"Recorded inventory quantities includeno fraudulent products" is related to which audit procedure?

A.Examine current vendor's price lists.

B.Select a sample of recorded items on count sheets during the physical inventory count and determine that items are on hand.

C.Select a sample of items during the physical inventory count and determine that they have been included on count sheets.(completeness)

D.Select a sample of recorded items and examine supporting vendor's invoice , and contracts.

E.Review drafts of the financial statement

4. The audit objective "Recorded inventory quantities include no fraudulent products" is related to which financial statement assertion:

A:Presentation and disclosure

B: Existence or occurrence

C: Completeness

D: Valuation or allocation

E: Rights and obligations

5. The audit objective "The entity has legal title to inventory" is related to which audit procedure:

A: Examine current vendor's price lists

B: Select a sample of items during the physical inventory count and determine that they have been included on count sheets

C: Review drafts of the financial statements

D: Select a sample of recorded items on count sheets during the physical count and determine that items are on hand.

E: Select a sample of recorded items and examine supporting vendor's invoices, and contracts.

6. The audit objective "The entity has legal title to inventory" is related to which Financial Statement Assertion:

A.Existence or occurrence

B.Completeness

C.Valuation or allocation

D.Presentation and disclosure

E.Rights and obligation.

7. The audit objective "The major categories of inventory and their basis of valuation are adequately reported in the financial statement" is related to which Audit Procedure:

A.Review drafts of the financial statement

B.Select a sample of recorded items and examine supporting vendor's invoice , and contracts.

C.Examine current vendor's price lists.

D.Select a sample of items during the physical inventory count and determine that they have been included on count sheets.

E.Select a sample of recorded items on count sheets during the physical inventory count and determine that items are on hand.

Explanation:

8. The audit objective "The major categories of inventories and their basis of valuation are adequately reported in the financial statement." is related to which financial statement assertion:

A: Completeness

B: Existence or occurrence

C: Valuation or allocation

D: Rights and obligations

E: Presentation and disclosure