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ang359 ang359
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Which of the following statements is correct regarding the audit of inventory cost accounting?

▸ Cost accounting systems and controls are the same for all manufacturing companies.

▸ All companies that have work-in-process must use a perpetual inventory system.

▸ Auditors test perpetual inventory master files by examining documentation that supports additions and reductions of inventory amounts in the master files.

▸ Manufacturing companies keep their cost accounting records separate from the production and other accounting records.
Textbook 

Auditing and Assurance Services


Edition: 17th
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angfuciousangfucious
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Auditors test perpetual inventory master files by examining documentation that supports additions and reductions of inventory amounts in the master files.

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