1. "Mary Monitor, CPA, noted that ABC Co. received goods prior to year-end that were
included in physical inventory but had not been recorded. In this case, which of the
following adjustments should be made? "
a. Debit Inventory/credit Accounts Payable.
1. Harris & Thompson were engaged to audit Smart Corps comparative financial
statements for the years ended December 31, Year 1 and Year 2. The Year 1
financial statements were presented in accordance with generally accepted
accounting principles, but the
Different types of risk
o Information risk, business risk, audit, and inherent risk
Management assertions pg. 13 ex. 1.5
Operational audit and internal audit
What you need to become au