Purchase Cut-Off Procedures Should Be Designed to Test Whether or Not

question 4

Multiple Choice

Purchase cut-off procedures should be designed to test whether or not all inventory:

• A) on the statement of financial position was carried at lower of cost or market.
• B) purchased and received before the year-end was recorded at year-end.
• C) owned by the company is in the possession of the company.
• D) on the year-end statement of financial position was paid for by the company.

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