When Testing the Existence Assertion for Inventory,the Auditor Would Most

question 60

Multiple Choice

When testing the existence assertion for inventory,the auditor would most likely

• A)observe the client's count of the annual physical inventory and test count.
• B)review vendor invoices for the amounts recorded.
• C)perform year-end tests of invoices received in the final month.
• D)trace raw material purchases to invoices and to the general ledger.

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Definitions:

Sprain

An injury to a ligament caused by tearing or stretching beyond its capacity, often occurring in ankles, knees, or wrists.

Hot Compresses

Therapeutic applications of warmth to body parts using a cloth soaked in hot water or a heating pad to relieve pain or discomfort.

Open Wound

A type of injury where the skin is torn, pierced, or cut, leading to an exposed underlying tissue and possibly an increased risk of infection and bleeding.

Ice Pack

A plastic bag filled with ice or gel that can be applied to different parts of the body to reduce swelling and alleviate pain.