Audit procedures used in the observation of a client's physical inventory count are designed primarily to ________.

A) determine whether inventory contains obsolete goods
B) test and observe the client's physical count of inventory
C) independently verify the physical counts recorded by the client
D) assist the client in taking test counts of year-end inventory


C) independently verify the physical counts recorded by the client

Business

You might also like to view...

Believers favor stylish products that emulate the purchases of those with greater material wealth

Indicate whether the statement is true or false

Business

Social accounting can measure what types of things?

What will be an ideal response?

Business

A firm's stock price is $25 per share and is expected to grow at a 5% compound annual rate. What should the stock price per share be in five years?

A) $26.25 B) $125.00 C) $75.00 D) $31.91 E) $69.66

Business

The future value of an ordinary annuity assumes that the payments are received

A) at the beginning of the year and the last payment does not compound. B) at the end of the year and the last payment does not compound. C) at the beginning of the year and the last payment is compounded. D) at the end of the year and the last payment is compounded.

Business