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The Auditor Must Verify Whether the Physical Counts Were Correctly

question 97

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The auditor must verify whether the physical counts were correctly summarised, the inventory quantities and prices were correctly extended, and the extended inventory was correctly footed.These tests are called:

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Definitions:

Equipment Sale

The process of selling machinery or technology, typically used for business operations, possibly as a way to liquidate assets or upgrade facilities.

Copyright

A legal right granted to the creator of original works, providing exclusivity to use, distribute, and modify the work for a certain period.

Trademark

An exclusive legal right to use a special name, image, or slogan

Patent

Granted by the federal government for an invention; gives the owner the exclusive right to use, manufacture, and sell the subject of the patent

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