The Audit of Year-End Physical Inventories Should Include Steps to Verify

question 91

Multiple Choice

The audit of year-end physical inventories should include steps to verify that the client's purchases and sales cutoffs were adequate. The audit steps should be designed to detect whether merchandise included in the physical count at year-end was not recorded as a

• A) sale in the current period.
• B) sale in the subsequent period.
• C) purchase in the current period.
• D) purchase return in the subsequent period.

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Definitions:

Paralegals

Trained legal assistants who perform various tasks to support lawyers, including researching, preparing documents, and organizing files.

Criminal Law

The body of law related to crimes and the punishment of individuals who commit them.

Work Time

The period during which an employee is engaged in performing job duties and responsibilities.

Paralegals

Trained legal assistants who work under the supervision of lawyers to prepare cases, conduct research, and complete administrative tasks.