Take Test: Exan 2-201820 x C ebapps/assessment/take/launch.jsp?course assessment

Question

Take Test: Exan 2-201820 x C ebapps/assessment/take/launch.jsp?course assessment id _127907 1&course; id- 57193 1&content; id 20944 C Search Remaining Time: 52 minutes, 58 seconds. Question Completion Status: QUESTION 25 Which of the following is not a standard procedure that the auditor normally should follow in the observation of inventory at year-end? Oa Observe the client taking inventory count O b Make selected test counts and trace into client's inventory compilation Oc Review dasclosure of inventory valuation Od Look for slow-moving, obsolete or damaged inventory QUESTION 26 The cash account is significant to the auditor for which of the following reasons? O a Investors want the company to hold as much cash as possible Ob Cash is susceptible to fraud such as theft Oc The ending balance of cash account is usually very high Od Cash has low liquidaty Click Save and Submit to save and submit. Chck Save All Answers to save all anwers Save Al Answers

Explanation / Answer

Q26 Answer C is correct. The purpose of auditor obeservation of inventory count is not for review disclosure of inventory values. All others are correct.

Q27 Answer B is correct. Cash is highly suspectible to fraud.

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