Reconciling the physical asset inventory with the property ledger on a periodic basis is a control related to which management assertion?
A)Completeness.
B)Rights and obligations.
C)Existence.
D)Valuation.

Question

Quizplus · Accepted Answer

Reconciling the physical asset inventory with the property ledger on a periodic basis is a control related to the existence assertion, which ensures that the assets and liabilities exist and are valid at a given date. This control helps to verify that the assets recorded in the property ledger are actually present and physically exist.

Reconciling the Physical Asset Inventory with the Property Ledger on a Periodic