Question Mode

Multiple Select Question

Select all that apply

Which of the following statements are correct regarding internal controls during the taking of the inventory count? $($Check all that apply.$)$

Multiple select question.

The purpose of internal controls is to minimize errors during the count.

Internal controls are used to determine if there has been any theft, loss, damage, or errors in inventory.

If a company has excellent internal controls over its inventory, it does not need to do an inventory count under the perpetual system.

Strong internal controls are needed over the inventory count regardless of whether they company uses a periodic or perpetual system.

An example of internal controls would be to restrict the movement of inventory during the count to ensure accuracy.