Question
Which of the following statements describe the completeness objective for internal controls over the inventory and property, plant, and equipment cycles? (select all the option
Which of the following statements describe the completeness objective for internal controls over the inventory and property, plant, and equipment cycles? (select all the option that are correct)
a)Inventories are recorded at the lower of cost and net realizable value.
b)There is no inventory on consignment.
c)All asset additions during the year have been recorded.
d)All inventory purchases are recorded in the correct period.
e)All equipment is in use at the end of the year.
f)Inventories include all materials, products, and supplies on hand at the end of the period.
g)All finance leases are disclosed.
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