Social Psychology: Chapter 9 PSYC Multiple-Choice | Guaranteed Pass (A+) 2023/2024

Social Psychology: Chapter 9 PSYC Multiple-Choice | Guaranteed Pass (A+) 2023/2024 Social Psychology: Chapter 9 PSYC Multiple-Choice | Guaranteed Pass (A+) 2023/2024 Social Psychology: Chapter 9 PSYC Multiple-Choice | Guaranteed Pass (A+) 2023/2024 9.25 Which cycle is not directly linked to the production cycle? a. Acquisition and expenditure cycle. b. Payroll cycle. c. Revenue and collection cycle. d. Finance and investment cycle. - Answer - d. Finance and investment cycle. The finance and investment cycle is not directly linked to the production cycle, although it is indirectly linked through investments in property, plant, and equipment. 9.26 To determine the client's planned amount and timing of production of a product, the auditor reviews the a. Sales forecast. b. Inventory reports. c. Production plan. d. Purchases journal. - Answer - c. Production plan. The production plan shows what is planned to be actually produced. 9.27 An auditor reviews job cost sheets to test which transaction assertion? a. Occurrence. b. Completeness. c. Accuracy. d. Classification. - Answer - c. Accuracy. The job cost sheets indicate the cost used in determining the accuracy of inventory produced. 9.28 Which of the following is an internal control weakness for a company whose inventory of supplies consists of a large number of individual items? a. Supplies of relatively little value are expensed when purchased. b. The cycle basis is used for physical inventory counts. c. The warehouse manager is responsible for maintenance of perpetual inventory records. d. Perpetual inventory records are maintained only for items of significant value. - Answer - c. The warehouse manager is responsible for maintenance of perpetual inventory records. This weakness is an improper combination of inventory custody and record-keeping responsibilities. 9.29 To make a year-to-year comparison of inventory turnover most meaningful, the auditor performs the analysis a. For the company as a whole. b. By division. c. By product. d. All of the above. - Answer - c. By product.