B inventory items acquired based on an economic order

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College Accounting, Chapters 1-27
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Chapter 8 / Exercise 6
College Accounting, Chapters 1-27
Heintz/Parry
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B.Inventory items acquired based on an economic order quantity (EOQ) inventory management concept.C.New equipment that is needed but does not qualify for an accelerated write-off under the class life rules.D.Supplies individually ordered, without considering possible volume discounts.
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College Accounting, Chapters 1-27
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Chapter 8 / Exercise 6
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified
Answer (D) is correctAn auditor should communicate to management and those charged with governance significant deficiencies and material weaknesses observed during an audit (AU-C 265). (S)he should discuss procedures that permit the avoidable loss of assets. Thus, an auditor should determine whether the failure to consider possible volume discounts is due to fraud or error.
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5. When the shipping department returns nonconforming goods to a vendor, the purchasing department should send to the accounting department the
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6. Which of the following controls is most effective in providing assurance that recorded purchases are free of material errors?
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7. Which of the following describes a weakness in accounts payable procedures?
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