Which of the following is least likely to be considered a risk assessment procedure relating to internal control?
A. Inquiries of client personnel.
B. Inspecting documents and reports.
C. Observing the application of specific controls.
D. Counting marketable securities at year-end.
Answer: D
You might also like to view...
The form of antitrust laws are enacted based on the particular circumstances of each nation and therefore are not uniform
Indicate whether the statement is true or false
Which of the following is a requirement of negotiability?? A) The payee and the drawee need not be designated
B) The instrument must be in writing and signed by the party executing it. C) The instrument must provide for the payment of a flexible amount of money. D) The order or the promise in the instrument must be conditional.
Tyler Company incurred an inventory loss due to a decline in net realizable value (NRV) during its first quarter of operations in 20X8. At the end of the first quarter, management of the company believed the decline in NRV to be permanent. In the second quarter, the NRV of Tyler's inventories increased above their acquisition cost. NRV remained higher than acquisition cost during the remainder of 20X8. How should Tyler report the facts above on its first and second quarter income statements? First QuarterSecond QuarterA)Recognize inventory lossRecognize recovery of inventory lossB)Recognize inventory lossNo recognition of recovery of inventory lossC)No recognition of inventory lossNo recognition of recovery of inventory lossD)Recognize inventory loss and recovery lossNo
recognition of inventory loss nor recovery of inventory loss A. Option A B. Option B C. Option C D. Option D
Once on the job, a worker may need to read
a. for background information b. to locate specific data c. to learn new procedures d. all the above