The Tests of Controls for Inventory Records Would Include the Following

question 42

Short Answer

The tests of controls for inventory records would include the following procedures.
A. Existence.
B. Rights and obligations.
C. Completeness.
D. Accuracy and valuations.
E. Presentation and disclosure.
For each of the procedures, place the letter of the correct ASB balance assertion(s). Only one letter per procedure should be used.

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Definitions:

Output Word

An output word is a digital word or signal that is produced by a computer or processor as a result of its processing and sent to output devices or other systems.

SQO Instruction

The Sequencer Output instruction in PLC programming, used for controlling a sequence of outputs based on the current step in a sequence.

Sequencer File

A file within a PLC that contains a sequence of steps or instructions that dictate the operation or control logic to automate processes.

Number of Steps

Refers to the total count of individual actions or sequences in a process or procedure, often used in programming to outline complexity or length.