A Common Inventory Observation Procedure Is to Record in the Working

question 38

Multiple Choice

A common inventory observation procedure is to record in the working papers for subsequent follow-up the last shipping document number used at year-end.The audit objective being achieved by this procedure is

• A)inventory as recorded exists.
• B)existing inventory is counted and tagged.
• C)information is obtained to make sure sales and inventory purchases are recorded in the proper period.
• D)tags are accounted for to make sure none are missing.

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Definitions:

Increasing Synergy

Efforts to enhance the cooperative interaction among groups or individuals that results in a greater combined effect than the sum of their separate effects.

Terse Statements

Concise or brief statements that communicate information or instructions in a few words.

Job Description

A formal account of an employee's responsibilities, duties, and scope of work, outlining necessary skills, knowledge, and qualifications.

Enriching Jobs

The process of designing jobs in a way that enhances the job holder's autonomy, task variety, and meaning, often leading to increased job satisfaction.