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AUDIT Objectives determine whether:A. Inventory balances represent all items, which are owned by the entity, physically exist and are properly recorded. B. Inventory listings include all inventory
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Inventory balances represent all the quantities and values of goods or materials held by a business at a specific point in time.
Businesses and companies that carry inventory are required to file inventory balances.
Inventory balances are typically filled out by listing the quantities and values of each type of inventory item on a designated form or spreadsheet.
The purpose of inventory balances is to provide an accurate snapshot of a business's current inventory levels and values.
The information reported on inventory balances typically includes the name of each inventory item, its quantity on hand, and its value.
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