List five things an auditor should do during the observation of the physical count of inventory
What will be an ideal response?
• Ensure that no production is scheduled during the count.
• Ensure that there is no movement of goods during the inventory count.
• Make sure the count teams are following the inventory count instructions.
• Ensure that inventory tags are issued sequentially to individual departments.
• Perform test counts and record a sample of counts in the working papers.
• Obtain tag control information for testing the entity's inventory compilation.
• Obtain cutoff information.
• Observe the condition of obsolete, slow-moving, or carried in excess inventories.
• Inquire about goods held on consignment.
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The Jacob Corporation acquired land, buildings, and equipment from a bankrupt company at a lump-sum price of $500,000. At the time of acquisition, Jacob paid $20,000 to have the assets appraised. The appraisal disclosed the following values: Land $100,000 Buildings 200,000 Equipment 300,000 What costs should be assigned to the buildings?
A) $166,667 B) $173,333 C) $200,000 D) $260,000
Project leaders seek and allocate resources, such as personnel, hardware, and software, that are used in the development process.
Answer the following statement true (T) or false (F)
A leader with a learning orientation is ______.
a. an active feedback seeker b. an active feedback receiver c. both an active feedback seeker and receiver d. usually only a feedback giver
The __________________ forecasting technique is used before preliminary sales figures are available and for products for which there exists no closely related competition
a. Delphi Method b. Analogous data c. Bass Model d. Bell Curve Method e. Early Adopter Meter