INVENTORY

Question 1

INVENTORY ON HAND NEVER EQUALS

Answer 1

INVENTORY CLIENT ACTUALLY OWNS

Question 2

OBSOLETE OR DAMAGED GOODS

Answer 2

PHYSICAL COUNT AWARENESS

Question 3

COMPLETENESS OF INV

Answer 3

CUTOFF PROCEDURES
1- states that inventory is on hand
2 - classified in the proper period

Question 4

INVENTORY TRICK

SOMETIMES THEY INCLUDE

Answer 4

TRACE WHEN THE TRANSACTION DONE IS CLEARLY EXISTENCE

INTERNAL RECORD TO PHYSICAL COUNT

Question 5

EASIEST WAY TO OBTAIN EVIDENCE

Answer 5

CONFIRMATION BEFORE OBSERVATION

Question 6

review aged trial balance

Answer 6

for A/R evaluation

Question 7

inventory turnover assertion

Answer 7

valuation NOT COMPLETENESS