The requirement that "perpetual inventory records must be updated as of the date goods are received" is an example of a control that satisfies the "proper period" internal control objective.

Question

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The "proper period" internal control objective refers to ensuring that transactions are recorded in the correct accounting period. Updating perpetual inventory records as of the date goods are received ensures that transactions are recorded in the correct period, thus satisfying this control objective.

The Requirement That "Perpetual Inventory Records Must Be Updated as of the Date