Which of the Following Is Not One of the Independent

question 6

Multiple Choice

Which of the following is not one of the independent auditor's objectives regarding the examination of inventories?

• A)Verifying that inventory counted is owned by the client.
• B)Verifying that the client has used proper inventory pricing.
• C)Ascertaining the physical quantities of inventory on hand.
• D)Verifying that all inventory owned by the client is on hand at the time of the count.

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Definitions:

Contract

A legally binding agreement between two or more parties that outlines rights and duties and is enforceable by law.

Identified

Singled out or recognized from among others.

Existing

Currently present or in existence.

Interest

The cost of borrowing money, typically expressed as a percentage of the amount borrowed, paid over a specified period.