Rather than counting the entire inventory at year-end, a company may make periodic, or cycle counts, of selected inventory items at various times during the year. Which of the following is necessary if the auditor plans to observe inventories at interim dates?
A) Unit cost records are integrated with production accounting records.
B) Complete recounts by independent teams are performed.
C) Perpetual inventory records are maintained.
D) Inventory balances are rarely at low levels.
C) Perpetual inventory records are maintained.
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Responding to a question such as "What would happen if..." is an attribute of which of the following types of engagements?
A. Financial projection. B. Financial forecast. C. Review. D. Financial forecast and financial projection.
When Stefania compares the work required in her job to the work required in Heather’s job, she finds that the two jobs are similar. While the work in the jobs is different, the jobs involve similar responsibility, skills, and working conditions. However, Heather is paid $2 an hour more than Stefania is paid. Stefania’s findings appear to reveal a violation of ______.
A. pay secrecy B. comparable worth C. equal pay D. market rates
The term ________ refers to the legal, tangible evidence of ownership of goods
A) tenure B) title C) possession D) pledge
Only the federal government imposes a tax on the estate of a person who dies
Indicate whether the statement is true or false