examination of inventories? a. Verifying that inventory counted is owned by the client. b. Verifying that the client has used proper inventory pricing. c. Ascertaining the physical quantities of inventory on hand. d. Verifying that all inventory owned by the client is on hand at the time of the count You were surprised to note that approximately 95% of returned positive accounts receivable confirmations indicated that the customers thought that they owed a smaller balance than the amount that had been printed on the confirmation. This might be explained by the fact that: 18. a. The cash receipts journal was closed before year-end. b. The cash receipts journal was held open after year-end. c. There were most likely goods on consignment d. The customers are not very knowledgeable about accounting 19. In an audit of contingent liabilities, which of the following procedures would be least effective? a. Sending accounts payable confirmations b. confirmation to the attorney c. auditing legal expense d. reading the minutes of the board of directors