Inventory may become obsolete because of technological advances even though there are no signs of physical wear.
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Q28: Auditing standards require the auditor to observe
Q29: During the inventory counting process,the client arranges
Q30: Test counts are performed by the auditor
Q31: Testing cash disbursements subsequent to the year
Q32: Sources of information regarding a client's inventory
Q34: The acquisition cycle begins with the receipt
Q35: The cash account is not part of
Q36: One reason for observing inventory is to
Q37: Auditors observe the client taking physical inventory
Q38: The lower of cost or market assumption
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