The transactions audited in the inventory process include
A)determining the correct quantity of the inventory
B)internal controls relevant to transactions
C)pricing the inventory according to accounting standards
D)internal controls relevant to balances
E)valuing the year-end inventory transactions
F)Both A and C

Question

Quizplus · Accepted Answer

The inventory process involves auditing both the correct quantity of inventory (choice A) and the pricing of inventory according to accounting standards (choice C). The other options listed refer to internal controls, which may be audited as part of the overall audit process but are not directly related to auditing the inventory transactions.

The Transactions Audited in the Inventory Process Include