Question: . Inventories are often a large _ _ _ _ _ _ _ _ _ _ asset of a company's balance sheet. 2 . The

. Inventories are often a large __________ asset of a company's balance sheet.
2. The accounting profession allows various methods for the __________ of inventory.
3. The determination of the value of ending inventory __________ affects net income.
4. When testing controls around inventory, auditors are considering the __________ transaction cycle.
5. An important step of testing controls is comparing quantity and __________ in the invoice, purchase order, and
receiving report.

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