Purchase cutoff procedures should be designed to test whether or not all inventory
A. Purchased and received before the year-end was recorded before year-end.
B. On the year-end balance sheet was carried at lower of cost or market.
C. On the year-end balance sheet was paid for by the company.
D. Owned by the company is in the possession of the company.
Answer: Purchased and received before the year-end was recorded before year-end
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