In an audit of inventories, an auditor would most likely verify that:a. All inventory owned by the client is on hand at the time of the count.b. The client has used proper inventory pricing to reflect fair market value.c. The financial statement presentation of inventories is appropriate.d. Damaged goods and obsolete items have been recorded at historical cost.e. Goods-in-Transit, shipped to the client F.O.B. destination, are properly included in inventory. please I need the correct answer for this is it b or e
In an audit of inventories, an auditor would most likely verify that:a. All inventory owned by the client is on hand at the time of the count.b. The client has used proper inventory pricing to reflect fair market value.c. The financial statement presentation of inventories is appropriate.d. Damaged goods and obsolete items have been recorded at historical cost.e. Goods-in-Transit, shipped to the client F.O.B. destination, are properly included in inventory. please I need the correct answer for this is it b or e
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle
Section: Chapter Questions
Problem 32CYBK
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In an audit of inventories, an auditor would most likely verify that:
a. All inventory owned by the client is on hand at the time of the count.
b. The client has used proper inventory pricing to reflect fair market value.
c. The financial statement presentation of inventories is appropriate.
d. Damaged goods and obsolete items have been recorded at historical cost.
e. Goods-in-Transit, shipped to the client F.O.B. destination, are properly included in inventory.
please I need the correct answer for this is it b or e
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