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Multiple Choice Quiz
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1
Inventory should be recorded when
A)The company has title to it.
B)When it is received.
C)When the related revenue is recognized.
D)When it is shipped from the vendor.
2
The overall production authorization starts with a
A)Purchase order.
B)Production plan.
C)Sales forecast.
D)Bill of materials.
3
Which of the following is not recognized by GAAP as appropriate for determining inventory cost?
A)FIFO
B)LIFO
C)Weighted average
D)Standard costs.
4
The source of authorization for preparation of materials requisitions is
A)Bill of materials.
B)Purchase order.
C)Production plan.
D)Sales forecast.
5
Comparing material usage reports to raw material stores issue slips is a control to help insure which ASB transaction assertion?
A)Occurrence.
B)Completeness.
C)Rights and obligations.
D)Valuation or accuracy.
6
Responsibility for the physical inventory count lies with the
A)Vendor.
B)Auditor.
C)Client.
D)Inventory specialist.
7
Client's inventory instructions should include all the following except
A)Names of client personnel responsible for the count.
B)Instructions for recording accurate descriptions.
C)Instructions for auditors' test counts.
D)Plans for controlling movement of goods.
8
Tracing a test count to the inventory compilations provides evidence for which ASB balance assertion?
A)Existence.
B)Completeness.
C)Valuation.
D)Presentation and disclosure.
9
Hiring and firing employees is a function that should be performed by
A)Human Resources
B)The employee's supervisor.
C)Payroll accounting.
D)Cost accounting.
10
The record where the employee's income taxes payable are recorded is the
A)Payroll register.
B)Labor cost analysis.
C)Clearing account.
D)Personnel files.





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