Which of the following is an auditor least likely to consider a departure from U.S.generally accepted accounting principles?
A) Valuing inventory at cost.
B) Including in inventory items that are consigned out to vendors,but not yet sold.
C) Using standard cost as the measure of inventory cost.
D) Including in inventory items shipped subsequent to year-end,but for which valid orders did exist at year-end.
Correct Answer:
Verified
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Q20: To test the client's cutoff of inventories,the
Q21: Which of the following is not a
Q22: Which of the following is least likely
Q23: In verifying debits to perpetual inventory records
Q24: An auditor performs a test to determine
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