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Auditing and Attestation
?
When auditing merchandise inventory at year-end, the
auditor performs a purchase cutoff test to obtain evidence that
All goods purchased before year-end are received before
the physical inventory count.
No goods held on consignment for customers are included
in the inventory balance.
No goods observed during the physical count are
pledged or sold.
All goods owned at year-end are included in the inventory
balance.
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
(d) Cutoff tests are used to determine that items are
recorded in the proper accounting period.
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