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Topic
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Question: Which of the following procedures best addresses the
adequacy of presentation and disclosure for inventory of a
nonissuer?Answer:
a. Obtaining confirmation of inventories that are pledged
under loan agreementsThe other possible answers:
b. Observing the company’s physical inventory-taking
procedures.
c. Tracing the test counts during the physical inventory to the
final inventory listing.
d. Examining the inventory turnover ratio and determining
whether it is in line with similar companies in the industry.AUD - 86
BEC - NINJA in Training
FAR - 86
REG - NINJA in TrainingAUD and BEC completed, haven't taken REG and BEC
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