If the Inventory Count Is Done at a Date Other

question 96

True/False

If the inventory count is done at a date other than the end of the year,the auditor does not have to observe the inventory count but should perform his own count at year end.

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Definitions:

Supplier Relationships

Supplier relationships pertain to the interactions and dealings between a business and its suppliers, involving the negotiation of terms, management of supply, and collaboration for mutual benefit.

Inventory

The total amount of goods or materials held in stock by a company or business.

Original Value

The initial monetary worth of an asset or investment at the time of its purchase or acquisition.

Tangible Assets

Physical and measurable assets owned by a business, such as machinery, buildings, and inventory, as opposed to intangible assets like patents or copyrights.