When a Client Uses Perpetual Inventory Records, the Tests of Details

question 107

Multiple Choice

When a client uses perpetual inventory records, the tests of details of balances for inventory can be significantly reduced if the auditor believes the records are accurate. The controls over the acquisitions included in the records are normally tested as a part of the

• A) tests of controls for acquisitions.
• B) tests of controls and substantive tests of transactions for acquisitions.
• C) tests of details of balances for acquisitions.
• D) analytical procedures and tests of controls for acquisitions.

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Definitions:

Party Platform

A formal set of principal goals supported by a political party or candidate, intended to appeal to the general public and garner support during an election.

Congresspersons

Elected officials who serve in the United States Congress, either in the House of Representatives or the Senate, responsible for making federal laws.

President Pro Tempore

A high-ranking senator in the U.S. Senate who presides over the Senate in the absence of the Vice President, often the most senior member of the majority party.

Senate Majority Whip

An official in the United States Senate tasked with maintaining party discipline, counting votes and ensuring attendance of party members for critical votes.