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Which of the following audit pmcedures does NOT address existence/occurrence for
accounts regelyahles and sales
Answer X Examine the subsequent cash receipts from the customer after period
b. Confirm balances of unpaid invrices with customers
Kamine the bills of lading that are associated with the recorded sales
d. going through the prenumbered bill of lading to examine whether any
bills are missing
25 and at 2 points
Reduction of the risk of understated costs of goods sold can be accomplished by
focusing on which assertion"
Answers a. Rights
d. I'resentation and disclosure
2.5 out of 2.5 points
Which of the following statement about inventory count is true?
Answers: n Auditors may give the list of inventory that are to be sampled to
client's warehouse staff to increase the efficiency of their inventory
b. Inventory count must be carried out at yearend
For companies using periodic inventory system, results from inventory
count determines Cous
d Consignment goods must be physically examined by the anditors
2.3 out of 2.5 points
The internal control that requires that "the value of trading securities should be
determined using the ending price of the securities at the end a?the period, if such
price is available" satisfies which assertion?
Answers: (a.) Valuation...
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- Fall '10
- Exam 2, Supply chain management terms, Bill of lading, Commercial item transport and distribution