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    Purchase Cut-Off Procedures Should Be Designed To Test Whether or Not All Inventory: A. Purchased and

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    Zoo Pamile
    The document discusses purchase cut-off procedures for auditing inventory and when inventory counts are more acceptable from an auditor's perspective. Purchase cut-off procedures should test whether all inventory was purchased and received before year-end, recorded at the lower of cost or market, paid for by the company, and is in the company's possession. Additionally, inventory counts are more acceptable when accurate perpetual inventory records are maintained.

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    Purchase Cut-Off Procedures Should Be Designed To Test Whether or Not All Inventory: A. Purchased and

    Uploaded by

    Zoo Pamile
    7 views6 pages
    The document discusses purchase cut-off procedures for auditing inventory and when inventory counts are more acceptable from an auditor's perspective. Purchase cut-off procedures should test whether all inventory was purchased and received before year-end, recorded at the lower of cost or market, paid for by the company, and is in the company's possession. Additionally, inventory counts are more acceptable when accurate perpetual inventory records are maintained.

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    The document discusses purchase cut-off procedures for auditing inventory and when inventory counts are more acceptable from an auditor's perspective. Purchase cut-off procedures should test whether all inventory was purchased and received before year-end, recorded at the lower of cost or market, paid for by the company, and is in the company's possession. Additionally, inventory counts are more acceptable when accurate perpetual inventory records are maintained.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    7 views6 pages

    Purchase Cut-Off Procedures Should Be Designed To Test Whether or Not All Inventory: A. Purchased and

    Uploaded by

    Zoo Pamile
    The document discusses purchase cut-off procedures for auditing inventory and when inventory counts are more acceptable from an auditor's perspective. Purchase cut-off procedures should test whether all inventory was purchased and received before year-end, recorded at the lower of cost or market, paid for by the company, and is in the company's possession. Additionally, inventory counts are more acceptable when accurate perpetual inventory records are maintained.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 6

    Purchase cut-off procedures should be designed to test whether or not all inventory: a.

    Purchased and
    received before the year-end was recorded b. Was carried at the lower cost or market on the year-end
    balance sheet c. Was paid for by the company on the year-end balance sheet d. Owned by the company
    is in the possession of the company.
    From the auditor’s point of view, inventory counts are more acceptable prior to the yearend, when: a.
    Internal control is deficient b. Accurate perpetual inventory records are maintained c. Inventory is slow
    moving d. Significant amounts of inventory are held on consignment

    Purchase cut-off procedures should be designed to test whether or not all inventory: a. Purchased and
    received before the year-end was recorded b. Was carried at the lower cost or market on the year-end
    balance sheet c. Was paid for by the company on the year-end balance sheet d. Owned by the company
    is in the possession of the company.
    Purchase cut-off procedures should be designed to test whether or not all inventory: a. Purchased and
    received before the year-end was recorded b. Was carried at the lower cost or market on the year-end
    balance sheet c. Was paid for by the company on the year-end balance sheet d. Owned by the company
    is in the possession of the company.
    From the auditor’s point of view, inventory counts are more acceptable prior to the yearend, when: a.
    Internal control is deficient b. Accurate perpetual inventory records are maintained c. Inventory is slow
    moving d. Significant amounts of inventory are held on consignment

    Purchase cut-off procedures should be designed to test whether or not all inventory: a. Purchased and
    received before the year-end was recorded b. Was carried at the lower cost or market on the year-end
    balance sheet c. Was paid for by the company on the year-end balance sheet d. Owned by the company
    is in the possession of the company.
    From the auditor’s point of view, inventory counts are more acceptable prior to the yearend, when: a.
    Internal control is deficient b. Accurate perpetual inventory records are maintained c. Inventory is slow
    moving d. Significant amounts of inventory are held on consignment
    From the auditor’s point of view, inventory counts are more acceptable prior to the yearend, when: a.
    Internal control is deficient b. Accurate perpetual inventory records are maintained c. Inventory is slow
    moving d. Significant amounts of inventory are held on consignment

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