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Quiz B 13 Auditing

Quiz B 13 Auditing - View Attempt 1 of 1 Title M13B Started...

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View Attempt 1 of 1 Title: M13B Started: April 26, 2009 2:40 PM Submitted: April 26, 2009 3:21 PM Time spent: 00:41:31 Total score: 7/10 = 70% Total score adjusted by 0.0 Maximum possible score: 10 1. Which of the following is a plausible explanation for a large increase in the number of days outstanding in inventory? Student Response Value Correct Answer Feedback a. Obsolete inventory 100% b. New product line where sales exceed production 0% c. Manufacturing overhead was not allocated to the production process 0% d. Manufacturing salaries were recorded as administrative expenses 0% Score:
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1/1 2. Which of the following is not one of the independent auditor's objectives regarding the examination of inventories? Value % Score: 0/1 3. For several years a client's physical inventory count has been lower than what was shown on the books at the time of the count so that downward adjustments to the inventory account were required. Contributing to the inventory problem could be weaknesses in internal controls that led to the failure to record some Value %
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