Which of the Following Audit Procedures Probably Would Provide the Most

question 38

Multiple Choice

Which of the following audit procedures probably would provide the most reliable evidence concerning the entity's assertion of rights and obligations related to inventories?

• A)Trace test counts noted during the physical count of inventory to the summarization of quantities.
• B)Inspect agreements for evidence of inventory held on consignment.
• C)Select the last few shipping advices used before the physical count and determine whether the shipments were recorded as sales.
• D)Inspect the open purchase order file for significant commitments to consider for disclosure.

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Definitions:

Anxiety And Depression

A mental health condition characterized by feelings of intense worry, sadness, or fear, often accompanied by physical symptoms.

Autonomy

Having control over your actions and life.

Peak Experience

A term used in psychology to describe a moment of intense joy, wonder, or euphoria, often leading to a feeling of fulfillment or transcendence.

Competence

The ability of an individual or organization to effectively perform or execute a particular task or job.