The Tests of Controls for Inventory Records Would Include the Following

question 35

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,choose the letter of the correct ASB balance assertion(s).Only one letter per procedure should be used. ----- $\quad$ 1. Test counted inventory and traced the count to the perpetual inventory record.
----- $\quad$ 2. Selected a sample of inventory items from the perpetual records and vouch additions to receiving reports.
----- $\quad$ 3. Reviewed a sample of vendor invoices for prices paid for inventory.
----- $\quad$ 4. Review inventory footnote for the financial statements.
----- $\quad$ 5. Reviewed vendor invoices and purchase orders for terms of the contract.

Identify diagnostic procedures that require special patient preparation due to the presence of metal or metal-based products.

Understand the principles and importance of internal control in accounting.

Recognize the purposes and components of a voucher system in accounting practices.

Identify the roles of various documentation and files within the voucher system.

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Definitions:

Binding Precedent

A legal principle from a previous case that must be followed by courts in future cases with similar circumstances.

Florida Supreme Court

The highest court in the U.S. state of Florida, with authority over state legal matters and interpretations of Florida law.

Principle of Supremacy

The doctrine that European Union law takes precedence over national laws of member states.

Constitutional Objection

A challenge or opposition based on the belief that a law, policy, or action violates the constitution.