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The directors of Tikkas, a limited liability consumer goods wholesaler, are planning the annual physical inventory count. Tikkas maintains a card system that records inventory movements. Two storemen are responsible for custody of inventories: Mr Grey controls 'white goods' and Mr Spark controls hi-fi and audio goods. Which of the following would cause greatest concern to the auditor? A. Damaged inventories are to be recorded on the inventory sheets, although such items are to be identified as such on the sheets by marking with the letter 'D'. B. The inventory cards recording inventory movements will not have been written up from receipt and despatch records for movements on the day prior to the count, and will therefore not be available to the persons counting inventories. C. Reconciling the results of the physical inventory count with inventory records and investigating differences is to be carried out by the assistant accountant Mr Post. D. The identification and counting of white goods is to be performed by Mr Grey; the identification and counting of hi-fi and audio goods is to be performed by Mr Spark. |