Audit of Inventory Cycle

What is the fifth process in business function?

• Store raw material

• Process the goods

• Ship finished goods

• Store finished goods

What is the document involved in receiving raw materials?

• Vendor's invoice

• Purchase order

• Shipping document

• Raw materials requisition

Objective of audit inventory is to provide assurance that the financial statement fairly accounts.

• True

• False

How many components are there in inventory cycle?

• 3

• 4

• 5

• 6

Below are the general classifications of test of controls, except

• Observation

• Reperformance

• Inspection

• Analyzation

Which of the following are the types of substantive procedures?

• Analytical procedure

• Test of details of transaction

• Test of details of balances

• All of the above

How many stages that the analytical procedure can be carry out?

• 1

• 2

• 3

• 4

Stock taking is the counting of on-hand inventory.

• True

• False

To perform price testing, the auditor will select items from the company's inventory on a test basis and verify, through the analysis of original documentation.

• False

• True

The code for Auditing and Assurance 2 is

• BKAA 2013

• BKAA 3013

• BKAA 3023

• BKAA 3033