Independent Internal Verification of the Physical Inventory Process Occurs When

question 122

Multiple Choice

Independent internal verification of the physical inventory process occurs when

• A) the employee is required to count all items twice for sake of verification.
• B) the items counted are compared to the inventory account balance.
• C) a second employee counts the inventory and compares the result to the count made by the first employee.
• D) all prenumbered inventory tags are accounted for.

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Definitions:

Sample Proportion

The fraction or percentage of the sample that exhibits a particular property or attribute.

Parameter

A numerical characteristic of a population, such as its mean or variance, which is typically unknown and estimated from sample data.

Binomial Distributions

A type of probability distribution that describes the number of successes in a fixed number of binary (yes/no) experiments.

Discrete Random Variables

Variables in statistics that can take on a countable number of distinct values and are not continuous.