When Outside Firms of Non-Accountants Specializing in Physical Inventory Counts

question 31

Multiple Choice

When outside firms of non-accountants specializing in physical inventory counts are used to count, list, price, and subsequently compute the total dollar amount of inventory on hand at the date of the physical count, the auditor will ordinarily:

• A)consider the report of the outside inventory firm to be an acceptable alternative procedure to the observation of physical inventories.
• B)make or observe some physical counts of the inventory, recompute certain inventory calculations, and test certain inventory transactions.
• C)increase the extent of work on the physical count of inventory.
• D)consider the reduced audit effort with respect to the physical count of inventory as a scope limitation.

Recognize the complex interplay between cognitive, biological, and environmental factors in the development and maintenance of psychological disorders.

Analyze the relationship between specific psychological disorders and social variables, such as social class and family dynamics.

Comprehend the mechanisms through which various psychological theories explain the symptoms and behaviors associated with different disorders.

Discuss the evidence supporting physiological and genetic contributions to mental health conditions.

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Definitions:

Province

An administrative division of certain countries, functioning with its own local government.

Unfair Bargain

An agreement that significantly disadvantages one party over the other, often scrutinized for fairness in contract law.

Legal Liability

The legal responsibility to compensate for harm caused by one's actions or failure to act in situations governed by law.

Accepting Offer

The act of voluntarily agreeing to the terms of an offer, thereby creating a binding contract between the offeror and the offeree.