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An auditor observes inventory held by the client and notes that some of the inventory appears to be very old but still in reasonable condition for sale. Which of the following conclusions is justified by the audit procedure?

I. The older inventory is obsolete
II. The inventory is owned by the company
III. Inventory may need to be reduced to current market value

a. I only

b. II only

c. I and III only

d. III only

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9444437

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