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1、Chapter12InventoriesandCostofGoodsSold?True/FalseQuestions?1.Observationofinventoriesisarequiredauditprocedureunderallcircumstances.??True????False?2.Thereceivingdepartmentshouldacceptonlygoodsforwhichthereisanapprovedpurchaseorderonhand.??True????False?3.Fo
2、rgoodinternalcontroloverpurchasetransactions,purchasesshouldbemadefromapprovedvendorsbythedepartmentneedingthegoods.??True????False?4.Auditorsshouldnotreviewtheclient'splanningofthephysicalinventory.??True????False?5.Thepropercutoffofinventoriesisbestachieve
3、dwhentheclientusesprenumberedpurchaseorders.??True????False?12-70Copyright?2016McGraw-HillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.6.Thelower-of-cost-or-markettestbytheauditorsisgenerallydesi
4、gnedtoassurethatinventoriesarenotvaluedabovetheirnetrealizablevalues.??True????False?7.Whentheauditorscannotsatisfythemselvesastotheaccuracyofendinginventoryandamaterialmisstatementmayexist,theynormallymaystillgiveanunmodified(unqualified)opinionontheclient'
5、sincomestatement.??True????False?8.Totesttheclient'scutoffofinventories,theauditorswillmakearecordoftheserialnumberofthefinalreceivingandshippingdocumentsusedpriortothetakingofthephysicalinventory.??True????False?9.Theuseofataggingsystemforinventorytakingisd
6、esignedtopreventdoublecountingofgoods.??True????False?10.Theexaminationofwarehousereceiptsisnotsufficientverificationofamaterialamountofgoodsstoredinpublicwarehouses.??True????False??MultipleChoiceQuestions?12-70Copyright?2016McGraw-HillEducation.Allrightsre
7、served.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.11.AnauditorsuspectsthatcertainclientemployeesareorderingmerchandiseforthemselvesovertheInternetwithoutrecordingthepurchaseorreceiptofthemerchandise.Whenvendors'invoicesar
8、rive,oneoftheemployeesapprovestheinvoicesforpayment.Aftertheinvoicesarepaid,theemployeedestroystheinvoicesandtherelatedvouchers.Ingatheringevidenceregardingthefraud,theauditormostlikelywouldsele
