ACCA AAA ^INT Syllabus D. Audit of Historical Financial Information - Inventory - Notes ^{1 / 41}

Value at

• Lower of cost and net realisable value

Remember to take future costs away from selling price and NOT add to costs

Questions relating to the physical inventory count:

1. Are all items marked when counted?

2. Does a management carry out test checks?

3. Are stocksheets pre-numbered and prepared in ink?

4. Is a complete set of stocksheets available covering all categories of inventory?