26) You are auditinE Throne, Inc. and testing the a assets. Which of the audit procedures is most likeeectihe 8. Physical examination of assets from of vendor invoices for closely related at eder year additicounts Independent confirmation 27) Which of the following i a TRUE staternent will be higher for companies investing in lesaf inst s a alued at th The majority of financial D. Completenessi estimates must be supported by manageacoe is typically the most important objective o search for unrecorded notes payable be What audit procedure(s) would be A. Send confirmations to currernt duplicate copies of note agreements for authoriza C. Analyze the interest expense accout D. All of the above 29) Which of the following balance related audit objectives is usually asses inherent risk for cash? A. Completeness B. Existence C. Net Realizable Value D. Presentation and Disclosure of the following analytical procedures would be most useful in alert possibility of obsolete inventory mpare gross margin percentage with previous years mpare inventory turnover ratio with previous year:s C. Compare current year manufacturing costs with previous years' Compare unit costs of inventory with previous years 31) Ramsey Bolton, an employee in the receiving department, submits a fraudulent to accounting. The following week he sends an invoice for the quantity o oodsordert is prepared and the amount is paid when the receiving report and vendo'n Which transaction related audit objective is VIOLATED in this situation? A. Classification B. Timing C. Posting and Summarization D. Occurrence 32) Which of the following statements regarding an audit of fixed assets is FALSE? A. The primary emphasis when auditing fixed assets is on verification of current-period B. Failure to record the acquisition of fixed assets affects both the balance sheet and income C. Depreciation amounts are easily audited by confirmation since they are determined by D. The primary accounting record for manufacturing equipment and other property, plant and acquisitions statement until the asset is fully depreciated exchange transactions with outside parties equipment is generally a fixed asset master file Page 6 of 10