Which of the following types of industry-specific inventory would an auditor ordinarily not require the assistance...

Which of the following types of industry-specific inventory would an auditor ordinarily not require the assistance of a specialist?

Select one:

a. Raw materials such as sapphires used in the manufacturing processes of precious jewelry.

b. Raw materials such as meat that are weighed on a scale before being processed.

c. Raw materials such as lumber that are ordinarily stored outdoor.

d. Raw materials such as steel pylons in calculating the percentage of completion of a complex construction project.

Expert Solution

Your required answer is option B i.e. Raw materials such as meat that are weighed on a scale before being processed

Explanation :

Auditors generally do not require any specialist in case of raw material of meat that are weighted on a scale before being processed.

Sapphires and steel pylons are something which is very crucial item for a company and require specialist for it's calculation and at the same time lumber kept outside is also difficult to measure that weather that is good quality or has been thermited.

I hope this clear your doubt.

Feel free to comment if you still have any query or need something else. I'll help asap.

Do give a thumbs up if you find this helpful.

ekkarill92 answered 2 years ago

Complete problem below. List a represents the types of opinions the auditor ordinarily would issue and...

Complete problem below. List a represents the types of opinions the auditor ordinarily would issue and List B represents the report modifications [if any] that would be necessary. Select as the best answer for each situation [items 1 to 6] the type of opinion and modifications, if any, the auditor would normally select. The types of opinions in List A and the report modifications in List B may be selected once, more than once, or not at all. Problem: Items...

Which of the following situations would require the external auditor to include an emphasis-of-matter paragraph that...

Which of the following situations would require the external auditor to include an emphasis-of-matter paragraph that refers to consistency in an unqualified audit opinion? Select one: a. Entity sold a subsidiary and consolidated six subsidiaries this year compared to seven from last few years. b. Entity corrected a prior mistake in accounting for capitalization of interest. c. Entity changed the estimated allowance for uncollectible accounts receivable after feedback from the auditor. d. Entity changed its inventory costing method from FIFO...

_____1. Which of the following would ordinarily be classified as a political risk? a. a change...

_____1. Which of the following would ordinarily be classified as a political risk? a. a change in the exchange rate b. price competition from a government owned competitor c. government approval of a competitor's investment in the same market d. government requirement to switch the purchase of materials from an imported to a domestic source, _____2. The marketing philosophy "We sell what we make" (Standardization) is most likely to useful when a. there is an appeal for the same product...

26. Which of the following types of inventory accounts would be used by a wholesaler or...

26. Which of the following types of inventory accounts would be used by a wholesaler or retailer? A) Merchandise inventory B) Finished good inventory C) Work in process inventory D) Raw material inventory 27. Items should be reported as part of the company’s “inventory” at the year end, if they are? A) Sold during period B) Determined to be part of cost of goods sold C) Purchased from a creditor, available for sale, and paid for the following year D)...

Which of the following would not be used to reduce structural unemployment? retraining assistance relocation assistance...

Which of the following would not be used to reduce structural unemployment? retraining assistance relocation assistance policies to expand GDP policies to expand education Full employment means: a. no cyclical unemployment. b. no frictional unemployment. c. no structural unemployment. d. all of the above. What is the effect of a minimum wage in a low skill labor market? a higher wage. a higher quantity of labor supplied. a lower quantity of labor demanded. all of the above. True-and False Questions...

Which of the following is NOT one of the four main types of inventory?

Which of the following is NOT one of the four main types of inventory? A. raw material inventory B. work-in-process inventory C. maintenance/repair/operating supply inventory (MRO) D. just-in-time inventory E. finished -goods inventory Reset Selection

Which of the following types of Special Needs Trust in Ohio do not require a “payback”...

Which of the following types of Special Needs Trust in Ohio do not require a “payback” to the State of Ohio at the death of the Special Needs Trust Beneficiary? a) Supplemental Services Trust. b) Pooled Trust. c) Discretionary Special Needs Trust. d) Special Needs Trust known as a (d)(4)(a) Trust?

Which of the following types of sampling allows an auditor to quantify sampling risk? Stratified nonstatistical....

Which of the following types of sampling allows an auditor to quantify sampling risk? Stratified nonstatistical. Block. Haphazard. Attribute.

Which of the following would require an adjusting entryat the end of the current year?...

Which of the following would require an adjusting entry at the end of the current year?a.Unpaid salaries at the end of the year.b.Estimated bad debts in the following yearc.Cash received from customers for services to be performed next yeard.All of the abovee.A and BTimberline Co. generally provides services for $1,200, but offers a $200 discount to senior citizens. When providing a service on account to a senior citizen for $1,000, Timberline would record the following:a.Credit Service Revenue for $1,000b.Debit Sales...

1a. Which of the following situations would require a decrease in the coupon rate for a...

1a. Which of the following situations would require a decrease in the coupon rate for a bond selling at par? A. The addition of a call provision B. The addition of a convertibility option C. The increase in the rating from BBB to AA D. The addition of sinking fund provision E. All of these choices are correct. 1b.A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After ten years, she wishes to...

Question