Quiz Ch13 - ViewAttempt1of1 Title: Started: Submitted:...

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View Attempt 1 of 1  Title: M13 Started: March 14, 2009 3:39 PM Submitted: March 14, 2009 3:57 PM Time spent: 00:18:11  Total score: 9/10 = 90%   Total score adjusted by 0.0  Maximum possible score: 10 
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1.      A client maintains perpetual inventory records in both quantities and dollars. If the assessed level  of control risk is high, an auditor would probably     Student Response Value Correct Answer Feedback a.  Increase the extent of  tests of controls for  the inventory cycle 0%      b.  Request that the  client schedule the  physical inventory  count at the end of  the year 100%      c.  Insist that the client  perform physical  counts of inventory  items several times  during the year 0%      d.  Apply gross profit  tests to ascertain the  reasonableness of  the physical counts 0%         Score: 1/1    2.      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%     
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c.  Manufacturing  overhead was not  allocated to the  production process 0%      d.  Manufacturing  salaries were  recorded as  administrative  expenses 0%         Score: 1/1    3.      Which of the following is the best audit procedure for the discovery of damaged merchandise in a  client's ending inventory?  
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Quiz Ch13 - ViewAttempt1of1 Title: Started: Submitted:...

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