the question 11 is which of the following items should be included in the clients physical inventory at year-end

ItR 8f the tollowing items should be included in the client's physical inventory at year- d? a. Merchandise purchased by the client (fob destination-terms) that was shipped by the supplier on December 28th and received by the client on January 2nd b. Merchandise sent to a customer by the client (fob shipping point-terms) that was shipped by the client on December 28th and received by the client on January 20 c. nd Inventory received by the client in December, from a consignor and that has not as of been sold. yet d. None of the above should be included in the client's inventory 12. Which of the following pairs of accounts would an auditor most likely analyze on the same working paper? a. Fixed assets and depreciation expense b. Sales and interest revenue c. Legal expense and miscellaneous expense d. the allowance for doubtful accounts and accumulated depreciation 13. An auditor has accounted for a pre-numbered sequence of inventory tags and is now going to trace information on a representative number of tags to the inventory summary sheets prepared by the client as a result of the inventory count. What objective is the auditor trying to achieve by performing this test? a. Verify that the client has instituted proper inventory counting procedures b. Verify that inventory with these tag numbers was counted Verify that the inventory is being valued using the appropriate inventory method (e.g. FIFO or LIFO) Ascertain that the inventory is presented at cost on the balance sheet. d