For Each of the Following, State Whether It Is a Test

question 34

Essay

For each of the following, state whether it is a test of details of account balances or a test of details of disclosures. Then note for which assertion the test provides evidence.
1. Inspect loan agreements under which an entity's inventories are pledged.
2. Review inventory compilation for proper classification among raw materials, work in process, and finished goods.
3. Observe the count of physical inventory.
4. Trace test counts and tag control information to the inventory compilation.
5. Inquire of management about issues related to LIFO liquidations.
6. Review book-to-physical adjustments for possible misstatements.

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Definitions:

Message List

A display or collection of email or message titles and possibly brief summaries, usually within an email application.

Subject Line

The title or headline of an email, designed to summarize its content or purpose, prompting the recipient to open it.

Communications Protocol

A set of rules and standards that allow two or more entities to transmit information via any kind of variation of a physical quantity.

POP3

Post Office Protocol 3, a protocol used to retrieve email from a mail server.