Which of the following is not a reason for the special significance attached by the auditors to the verification of inventories *?

Chapter 12 - Inventories and Cost of Goods Sold

Chapter 12

Inventories and Cost of Goods Sold

True / False Questions

1. Observation of inventories is a generally accepted auditing standard.

True False

2. The receiving department should accept only goods for which there is an approved

purchase order on hand.

True False

3. For good internal control over purchase transactions, purchases should be made from

approved vendors by the department needing the goods.

True False

4. Auditors should not review the client's planning of the physical inventory.

True False

5. The proper cutoff of inventories is best achieved when the client uses prenumbered

purchase orders.

True False

6. The lower of cost or market test by the auditors is generally designed to assure that

inventories are not valued above their net realizable values.

True False

7. When the auditors cannot satisfy themselves as to the accuracy of ending inventory and a

material misstatement may exist, they normally may still give an unqualified opinion on the

client's income statement.

True False

12-1

Learning Task 4: Using any available materials from home, make your own model of the solar system. The following are the suggested color and size of t … he planets: Mercury (orange) - 3 cm Venus (yellow) - 5 cm Earth (blue) -5 cm Mars (red) - 4 cm Jupiter (brownish with a red spot) - 10 cm Saturn (yellow with red ring) - 10 cm Uranus (green) - 8 cm Neptune (blue) - 8 cm Sun (yellow) - 25 cm​

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TEST E. SAFETY PRECAUTIONS Directions: Choose yes on the statement that tell us safety precautions during typhoons and floods and no if not. 1. We sho … uld panic when the weather is too bad. yes or no 2. It is not safe outside the house during a typhoon. yes or no 3. We are given information by PAGASA to prepare during typhoon. yes or no 4. Keep your radio on and listen to the latest news about typhoon. yes or no 5. Evacuate from low-lying areas to higher grounds only when flood is coming. yes or no

Air pollutants are all around us.What are some ways your respiratory system filters thease pollutants from the air you breathe? ​

Learning Task 4: Using any available materials from home, make your own model of the solar system. The following are the suggested color and size of t … he planets: Jupiter (brownish with a red spot) - 10 cm Saturn (yellow with red ring) - 10 cm Mercury (orange) - 3 cm Venus (yellow) - 5 cm Earth (blue) -5 cm Mars (red) - 4 cm Uranus (green) 8 cm - Neptune (blue) - 8 cm cm Sun (yellow) - 25 cm​

TEST D. WEATHER INSTRUMENT Directions: Match each name of instrument in Column A to its uses in column B. barometer rain gauge thermometer weather bal … loon anemomete measures the wind speed measures the air pressure transmits and sends radio signal measures the amount of rainfall measures the air temperature

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12. Which is NOT an importance of constellations to humans?A. People in early times used the patterns of constellations to track the calendar so they … knew when to plant and harvest crops.B. Sailors and other wandering people use constellations as guide for directions.C. In lottery and raffle draws, people rely to get hints and clues on the different patterns of constellationsD. Astronomers may use constellations to predict day to day weather conditions.13. Why is it that we do not see the stars during daytime?A. Stars move farther away from the earth during daytime.B. Stars lose their brightness during daytime.C. The sun outshines the other stars during daytime.D. Telescope is needed to see stars during daytime.14. What is the reason why the Polaris star is also called as the Pole star?A. Polaris is called the Pole star to memorize its name easier.B. Astronomers always give alternate names for constellations.C. Ancient people named the Polaris the Pole star.D. The Polaris star is located at the Earth’s geographic north.​

25. Which of the following isnota reason for the special significance attached by the auditors tothe verification of inventories?A. The determination of inventory valuation directly affects net income.B. The existence of inventories is inherently difficult to substantiate.C. Special valuation problems often exist for inventories.D. Inventories are often the largest current asset of an enterprise.

135.Which of the following is not a reason for the special significance attached by theauditors to the verification of investors?a.The determination of inventory valuation directly affects net income.b.The existence of inventories is inherently difficult to substantiate.c.Special valuation problem often exist for inventories.d.Inventories are often the largest current asset of an enterprise.

Which of the following is not a reason for the special significance attached by the auditors to the?

Which of the following best describes the reason that the auditors record their inventory test counts in the working papers?

Which of the following is true about the auditor's observation of the client's physical inventory *?

Which of the following procedures would not be appropriate for an auditor in discharging his responsibilities concerning the client's physical inventories?