The tests of controls for inventory records would include the following procedures. A. Existence. B. Rights. C. Completeness. D. Valuation. E. Presentation and disclosure. For each of the procedures, choose the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used. _______ 1. Trace a sample of sales invoices to perpetual inventory record entry of issue. _______ 2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports. _______ 3. Select a sample of shipping documents and review the accounting summary of the quantities and prices. _______ 4. Trace posting of sample of sales invoices to amounts in general ledger. _______ 5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold
The tests of controls for inventory records would include the following procedures. A. Existence. B. Rights. C. Completeness. D. Valuation. E. Presentation and disclosure. For each of the procedures, choose the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used. _______ 1. Trace a sample of sales invoices to perpetual inventory record entry of issue. _______ 2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports. _______ 3. Select a sample of shipping documents and review the accounting summary of the quantities and prices. _______ 4. Trace posting of sample of sales invoices to amounts in general ledger. _______ 5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold
The tests of controls for inventory records would include the following procedures. A. Existence. B. Rights. C. Completeness. D. Valuation. E. Presentation and disclosure. For each of the procedures, choose the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used. _______ 1. Trace a sample of sales invoices to perpetual inventory record entry of issue. _______ 2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports. _______ 3. Select a sample of shipping documents and review the accounting summary of the quantities and prices. _______ 4. Trace posting of sample of sales invoices to amounts in general ledger. _______ 5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold
The tests of controls for inventory records would include the following procedures. A. Existence. B. Rights. C. Completeness. D. Valuation. E. Presentation and disclosure. For each of the procedures, choose the letter of the correct PCAOB assertion(s). Only one letter per procedure should be used.
_______ 1. Trace a sample of sales invoices to perpetual inventory record entry of issue. _______ 2. Select a sample of inventory item from perpetual records and vouch additions to receiving reports. _______ 3. Select a sample of shipping documents and review the accounting summary of the quantities and prices. _______ 4. Trace posting of sample of sales invoices to amounts in general ledger. _______ 5. Review the appropriateness of standard costs to price inventory issues and cost of goods sold
Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.
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