题目
When the perpetual inventory system is used, the inventory sold is debited to ()
A. supplies expense
B. cost of merchandise sold
C. merchandise inventory
D. sales
第2题
A.makesajournalentrytorecordthesaleonly.
B.makesajournalentrytorecordonlythecostofgoodssolD
C.makesajournalentrytorecordthesaleandthecostofgoodssol
D.doesnotneedtomakeajournalentry.
第3题
A.supplies expense
B.cost of merchandise sold
C.merchandise inventory
D.sales
第4题
A.no Purchases account is use
B.a Cost of Goods Sold account is use
C.two entries are required to record a sal
D.all of thes
E.
第5题
A.may yield a higher inventory valuation than LIFO under a periodic inventory system when prices are steadily falling.
B.may yield a higher inventory valuation than LIFO under a periodic inventory system when prices are steadily rising.
C.always yields the same inventory valuation as LIFO under a periodic inventory system.
D.can never yield the same inventory valuation as LIFO under a periodic inventory system.
第6题
(b) You are the audit manager of Jinack Co, a private limited liability company. You are currently reviewing two
matters that have been left for your attention on the audit working paper file for the year ended 30 September
2005:
(i) Jinack holds an extensive range of inventory and keeps perpetual inventory records. There was no full
physical inventory count at 30 September 2005 as a system of continuous stock checking is operated by
warehouse personnel under the supervision of an internal audit department.
A major systems failure in October 2005 caused the perpetual inventory records to be corrupted before the
year-end inventory position was determined. As data recovery procedures were found to be inadequate,
Jinack is reconstructing the year-end quantities through a physical count and ‘rollback’. The reconstruction
exercise is expected to be completed in January 2006. (6 marks)
Required:
Identify and comment on the implications of the above matters for the auditor’s report on the financial
statements of Jinack Co for the year ended 30 September 2005 and, where appropriate, the year ending
30 September 2006.
NOTE: The mark allocation is shown against each of the matters.
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