Dual Dating Refers to When the Auditor _______

question 74

Multiple Choice

Dual dating refers to when the auditor _______.

• A)shows two dates on the same audit report
• B)shows two dates on two different audit reports
• C)references last year's audit report concurrently with the current year report
• D)also includes the date that the internal control function issued their audit opinion

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Definitions:

Prepaid Freight

Costs paid in advance for the transportation of goods, often recorded as an asset on the balance sheet until the service is utilized.

Merchandise Inventory

Goods that a company holds with the intent to sell them as part of its primary operations.

Perpetual Inventory System

A method of inventory management where records are updated in real-time with every sale and restocking.

FOB Shipping Point

A term in shipping where the buyer assumes responsibility for the goods and shipping cost as soon as the goods leave the seller’s premises.