Proper internal control over the inventory account would require that inventory items should be reviewed for obsolescence and proper accounting treatment.

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Quizplus · Accepted Answer

Proper internal control over the inventory account includes regularly reviewing inventory items for obsolescence and ensuring that they are accounted for properly in the financial statements. This helps to ensure that the inventory balance reported is accurate and reliable, which is important for making informed business decisions. Failure to properly manage and control the inventory account can result in inventory carrying values that are overstated or understated, leading to inaccurate financial statements and potential legal and regulatory issues.

Proper Internal Control Over the Inventory Account Would Require That