QUESTION 27 A well-conceived inventory control system should provide reasonable assurance that al purchase wuthored and that inventory manchons are recorded accurately, completely, and in a timely manner True False QUESTION 28 Which of the following transactions would be least likely to be a related party transaction? b. Writing off obsolete inventory prior to year-end parent company and its subsidiary 4. A purchase transaction between entity and its owners d. An exchange of property between an entity and a joint venture in which the entity has part ownership QUESTION 29