Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q3. explain the importance of observing physical i

Q3. Explain the importance of observing physical inventory during an audit.

80.2K

Verified Solution

Question

Accounting

Q3. Explain the importance of observing physical inventoryduring an audit.

Answer & Explanation Solved by verified expert
4.3 Ratings (706 Votes)
Inventory is a current asset of the business held for sale as part of its normal course of business For example in a furniture store furniture is the inventory One of the primary objective behind verifying inventory during audit is to confirm the assertions made by management regarding its ownership existence valuation accuracy    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Geometry
1.2K views

4 1 1 14 A 6x 63 4x 3 Line I is parallel to line...

Biology
1.2K views

In this section we studied epidemiology. Give an example of an infectious disease and how the...

Geometry
1.2K views

2 Select the correct answer from each drop down menu Consider triangles ABC and QPR...

Basic Math
1.2K views

A triangle drawn on a map has sides that measure 15 cm, 8 cm, and...

Statistics
1.2K views

GPAS at CCSU are normally distributed with a mean of 2 42 and a standard...

Calculus
1.2K views

9 10pts Use identities to find the exact value 3 8 a sin

Algebra
1.2K views

What is the area of square WXYZ 10 8 6 Area Submit N W 4...

Algebra
1.2K views

3 A city bus charges 0 25 per ride if you first buy the 10...

Accounting
1.2K views

The following information pertains to Hopson Co.'s pension plan: Actuarial estimate of projected benefit obligation...

Accounting
1.2K views

EA1 Identify whether each of the following transactions, which are related to revenue recognition, are...

Accounting
1.2K views

Required information Problem 9-62(LO 9-4)(Algo) [The following information applies to the questions...

Accounting
1.2K views

Megan operates a housecleaning business as a sole proprietorship. She oversees a team of 10...