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Unformatted text preview: Which Is NOT the reason that maintenance expenses should be examined ! ANSWER` ` . Potential kickbacks during purchase of maintenance plan. ` Maintenance expense can be significant for companies in certain industries ` Capitalization of maintenance expense is allen used for fraudulent* Financial reporting {}) Maintenance parts that are purchased should have the best quality Question 23 " out of 2 5 points Which of the following is NOT an inherent risk associated with inventory ! Answers: &. Inventory may become obsolete b. Inventory is easily transportable* [ Inventory accounts Is picall'; have a high volume of activity {. Inventory costing methods frequently change from one year to the* 2.5 out of 2. 5 politics Question 24 Which of the following procedures is usually performed toy the auditor to determine If obsolete inventory exists ?! Answers / ( a Sample the Inventory reported to the client , examine the purchase date and receiving reports 6. Confirmation of inventory with ellenl's. FusionTiers* " Footing the inventory subsidiary ledger *<Analysis of inventory turnover and `les reports 7. 5 Out Of 2 5 THANITS Question 25 Which of the following is not a standard procedure that the auditor normally should Follow in the observation of inventory all year - End ?` Answers : . Review disclosure of inventory valuation ` Make selected test counts and truce into client's inventory compilation * Observe the client taking Inventory count...
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Christopher Reinemann
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