Video Transcriptokay. Sylvia will understand the night, boss. First of all, he will understand. Like to system. What is the meaning of it? System forward. By that, we will understand how many dates of energy system we have. Okay, so it refers to the system which guards seeing, and but she's off words. You mean directly true. Okay, so it is the system. Okay? It is the system which the car sailing, but Jay's upwards immigrated through computers. So this is the most and even so we talked about. Look, this is the most important element of invented a system. Deputation. Okay. However, there is a system. There is a system bitch record sailing, but a chase off the course through computerized sophisticated computer race. Okay, however, almost in now, what is in a green wimpy system? We have computers off place of testicular philosophically called every transaction. Okay. Veteran to sail a purchase of goods, but not Jellystone. We have recently we have perpetual inventory system that this designed to record these healing purchase off boats through computers off. Okay, now what happens? Not all of the entities okay. Not all of the entities are able to employ such computers are very in their entity record this year in purchase by that. So because most of the entities or we can say small entities. All right, short off first, what we can see have less ferns who deploy, but it sure innuendo system. Okay, okay, because many off these small and it is will not be able to deploy perpetual and make this system into their entity. So So that is our solution for the current portion. Okay. What? So our current discussion and analysis matches with Joyce D That the perpetuation in my system is very costly in expensive for small entities, especially, okay. Will be employed in entities to the car goods. Okay. So you can write down what evidence apart forever. Choice D is the correct answer. Okay. Thank you. Show
Notes This preview shows page 9 - 11 out of 67 pages. 33. Which of the following procedures would best prevent or detect the theft of valuable itemsfrom an inventory that consists of hundreds of different items selling for $1 to $10 and a fewitems selling for hundreds of dollars?A. Maintain a perpetual inventory of only the more valuable items with frequent periodicverification of the accuracy of the perpetual inventory record.B. Have an independent accounting firm prepare an internal control report on theeffectiveness of the controls over inventory.C. Have separate warehouse space for the more valuable items with frequent periodic physicalcounts and comparison to perpetual inventory records.D. Require a manager's signature for the removal of any inventory item with a value above$50. 34. An auditor will usually trace the details of the test counts made during the observation ofphysical inventory counts to a final inventory compilation. This audit procedure is undertakento provide evidence that items physically present and observed by the auditor at the time ofthe physical inventory count are Get answer to your question and much more 35. A retailer's physical count of inventory was higher than that shown by the perpetualrecords. Which of the following could explain the difference? Get answer to your question and much more We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Expert Verified
Chapter 09 - Production Cycle36. From the auditors' point of view, inventory counts are more acceptable prior to the yearend when Get answer to your question and much more 37. Which of the following internal control activities most likely addresses the completenessassertion for inventory?A. The work-in-process account is periodically reconciled with subsidiary inventory records.B. Employees responsible for custody of finished goods do not perform the receivingfunction.C. Receiving reports are prenumbered and the numbering sequence is checked periodically.D. There is a separation of duties between the payroll department and inventory accountingpersonnel. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 67 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Expert Verified Which of the following is the best audit procedure for the discovery of damaged merchandise?Which of the following is the best audit procedure for the discovery of damaged merchandise in a client's ending inventory? Observe merchandise and raw materials during the client's physical inventory taking.
Which procedure is an auditor most likely to use to detect a check outstanding at yearWhich procedure is an auditor most likely to use to detect a check outstanding at year-end that was not recorded as outstanding on the year-end bank reconciliation? Receive a cutoff statement directly from the client's bank.
When auditing inventories the auditor would least likely verify that?In an audit of inventories, an auditor would least likely verify the: Option (D). The client has used proper inventory pricing.
Which of the following audit procedures would provide the least reliable evidence that the client has legal title to inventories?Which of the following audit procedures would provide the least reliable evidence that the entity has legal title to inventories? Analytical review of inventory balances compared to purchasing and sales activities.
|
Which of the following procedures would best detect the theft of valuable items from an inventory
zusammenhängende Posts
Urheberrechte © © 2024 nguoilontuoi Inc.
