Well-functioning internal control for the inventory/production functions would provide that finished goods are to be accepted for stock only after presentation of a completed production order and a(n)
a. Shipping order.
b. Material requisition.
c. Bill of lading.
d. Inspection report.
Answer: D
CPA Exam
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- Which of the following items would most likely require an adjustment to the financial statements for the year ended December 31, year 1?
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