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Quiz_7 - Acct-101 new Quiz 7 Taking a physical count of...

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Acct-101 new Quiz 7 Taking a physical count of inventory is not necessary when a periodic inventory system is used is a detective control has no internal control relevance is not necessary when a perpetual inventory system is used Which of the following is NOT true about taking physical inventories? Large variances may require investigations and implementation of corrective actions. Physical inventories are taken when inventory levels are at their lowest. Physical inventories deter employee thefts and inventory misuses. Physical inventories are taken when inventory levels are at their highest. Which of the following inventory cost methods is appropriate for a business who has inventory with a relatively small number of unique items and a high cost per item? FIFO LIFO average specific identification Under which method of inventory cost flows is the cost flow assumed to be in the reverse order in which the expenditures were made?
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