Which of the following is NOT an element of internal controls to guarantee the existence of inventory? a- Disposals of inventory must be recorded timely b. Warehouse must be safeguarded C. Inventory count must be performed semiannually d. Price discounts must be approved by the CEO QUESTION 22 Which is NOT the reason that maintenance expenses should be examined? a- Capitalization of maintenance expense is often used for fraudulent financial reporting Maintenance parts that are purchased should have the best quality d. Maintenance expense can be significant for companies in certain industries QUESTION 23 Which of the following is NOT an inherent risk associated with inventory? a Inventory costing methods frequently change from one year to the next Inventory may become obsolete C-Inventory is easily transportable d. Inventory accounts typically have a high volume of activity