Ensuring inventories include all materials, products and supplies on hand at the end of the reporting period derives from the audit assertion of:
A) completeness
B) valuation and allocation.
C) existence
D) rights and obligations.

Question

Quizplus · Accepted Answer

Ensuring inventories include all materials, products, and supplies on hand at the end of the reporting period is related to the audit assertion of completeness. This assertion concerns whether all transactions and accounts that should be included in the financial statements are indeed included.

Ensuring Inventories Include All Materials, Products and Supplies on Hand