Which one of the following procedures would not be appropriate for an auditor in discharging his or her responsibilities concerning the entity's physical inventories?
A. Obtaining written representation from the entity as to the existence, quality, and dollar amount of the inventory.
B. Confirmation of goods in the hands of public warehouses.
C. Supervising the annual physical inventory count.
D. Carrying out physical inventory procedures at an interim date.
Answer: C
You might also like to view...
Compensation of workers is defined as
A. wages and salaries plus benefits earned by the workers. B. wages and salaries earned by the worker. C. non-monetary benefits earned by the workers. D. the tax rates which are applicable on the wages earned by the workers.
In both property ownership and net lease arrangements, a retailer can incur risks associated with maintenance expense increases
Indicate whether the statement is true or false
Carolee, Joanna, and Ellen form Capital City Partnership. Carolee contributes expertise; Joanna, $15,000; and Ellen, $20,000 . After a year, Joanna adds $12,000 as a loan. Ten years later, Capital owes $44,000 to creditors, total assets are $112,000, and the partners decide to dissolve the business. How will the assets be distributed under the UPA, and what will each partner receive?
Which of the following is a characteristic of managerial decisions that contributes to the difficulty in making a decision?
A. conflict B. speed C. certainty D. guaranteed success E. structure