Your objectives are to be able to: | LO 9-1 | Describe the production cycle, including typical source documents and controls. | | LO 9-2 | Give examples of tests of controls over conversion of materials and labor in a production process. | | LO 9-3 | Identify and describe considerations involved in the observation of physical inventory count and tests of inventory pricing and compilation. | | LO 9-4 | Describe some common errors and frauds in the accounting for production costs and related cost of goods sold and design some audit and investigation procedures for detecting these errors and frauds. |
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