When determining the sample size for the number of items the auditor should count during the physical inventory,
A) it is easy to quantify the number of items based on a formula developed by the AICPA.
B) one of the key determinants that must be considered is internal control over the physical count.
C) one of the key determinants that must be considered is the cost involved.
D) generally accepted auditing standards require that at least 80% of the dollar value of the inventory should be included in the sample.
B
You might also like to view...
On June 1, 2017, Wilke Services issued $31,000 of 7% bonds that mature in five years
The bonds were issued at a premium, for a total of $32,292. The bonds pay semiannual interest payments on June 30 and December 31 of each year. On December 31, 2017, what is the total amount paid to bondholders? A) $1,085 B) $2,170 C) $1,130 D) $2,260
When a cash register triggers a coupon for a product, it is called a:
A) bounce-back coupon B) scanner-delivered coupon C) cross-ruffing coupon D) response offer coupon