Question
Statement I: With merchandise inventory and supplies inventory, only the latter requires an adequate system of internal control. Statement II: A weekly inventory is needed
Statement I:
With merchandise inventory and supplies inventory, only the latter requires an adequate system of internal control.
Statement II:
A weekly inventory is needed in the case of high-priced inventories like jewelry.
A. Statement 1 is correct; statement 2 is incorrect
B. Both statements are incorrect
C. Statement 1 is incorrect; statement 2 is correct
D. Both statements are correct
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Audit Risk Alert Employee Benefit Plans Industry Developments 2019
Authors: AICPA
1st Edition
1948306867, 978-1948306867
