In an Audit of Inventories,an Auditor Would Least Likely Verify

question 65

Multiple Choice

In an audit of inventories,an auditor would least likely verify that

• A) All inventory owned by the client is on hand at the time of the count.
• B) The client has used proper inventory pricing.
• C) The financial statement presentation of inventories is appropriate.
• D) Damaged goods and obsolete items have been properly accounted for.

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Definitions:

Right-To-Work Law

Legislation that prohibits union security agreements between companies and workers' unions, allowing individuals in the workforce to work without being compelled to join a union.

Union Shop

A place of employment where nonunion workers may be employed for a trial period of not more than 30 days, after which the nonunion workers must join the union or be discharged.

Closed Shop

A place of employment in which the employer, by agreement, hires only union members in good standing.

Public Employees

Individuals employed by government entities at the federal, state, or local level.