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(C) You need to find the answer which is not one of the auditor's objectives for inventory procedures. Answer (C) is right because verifying that all inventory owned by the client is on hand at the time of the count is not an objective. There are several reasons that not all the inventory owned would be at the premises. For example, some inventory should also be included in inventory that is out on consignment. Some inventory is in transit at year-end, and if the terms are FOB manufacturer, it should be included in inventory. Answer (A) is wrong because inventory has a lot of presentation and disclosure requirements to which the auditor must pay attention. Answers (B) and
(D) are incorrect because proper accounting requires inventory be properly valued (valuation assertion) and damaged and obsolete items and proper inventory pricing pertain to the valuation.
Suppose that an investor has a choice between buying this security or purchasing a different security that also costs $3,000 today but pays off $3,300 with certainty in one year. How is an investor's choice of which security to purchase related to..
profit contribution analysis. Kathy's Bakery is a full -service bakery in Omaha, Nebraska. Kathy sells loaves of wheat bread for $3 a loaf. Of this amount, $1.50 is profit contribution. She is considering an attempt to differentiate her shop
Consider a market served by identical firms with cost funtion C(q)=722+(q^2)/200. The market demand is given by Qd=6500-100P and the short run market supply is given by Qs=1200p. Find the number of firms that will be active in the short run.
Since Fall of 2011, the price of oil has shown a sharp increase again as continuation steady rise in oil price attributed to the Arab Spring (the political uprising in the Middle Eastern and North African countries) started in the beginning of 201..
What is the probability that it will be detected by devices A or B or both? What is the probability that the system won't detect the intrusion?
According to the figure, what share of the per unit tax on bags of coffee beans is paid by the buyers and what share is paid by the sellers?
Below are some data from the land of milk and honey. Year Price of Milk Quantity of Milk Price of Honey Quantity of Honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 $2 100 2012 $2 200 $4 100 Compute nominal GDP, real GDP, and the GDP deflator f..
How does the strength of other economies outside of the U.S. affect your organization?
Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P=600-QC-QD QC and QD are the quantities sold by the respective firms and P is the sellin..
Simpkins Corporation is expanding rapidly, and it does not pay and dividends because it currently needs to retain all of its earnings. However, investors expect Simpkins to begin paying dividends, with the first dividend of $1.00 coming 3 years.
Farmers produce 40 million sacks of rice, which is sold for Php. 25 billion to millers. The farm machinery depreciates Php. 2 billion, Millers process the rice and keep half in inventory, valued at Php. 30 billion.
Last month Jones Hat Company sold 100 hats at $10 each. This month it raised the price of hats to $11 and sold 101 hats. This result indicates that another factor, such as income, changed, shifting the demand curve for hats to the right.
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