Which of the following is not a management assertion relevant to inventory?
A)Existence or occurrence.
B)Completeness.
C)Rights and obligations.
D)Accuracy.

Question

Quizplus · Accepted Answer

Accuracy is not typically classified as a management assertion relevant to inventory in the context of financial reporting. Management assertions related to inventory commonly include existence (the inventory exists), completeness (all inventory items that should be recorded are recorded), and rights and obligations (the entity has the right to the inventory and it is correctly recorded in terms of ownership). Accuracy, while important in the context of financial information, is more broadly related to the correct measurement and recording of transactions and balances, rather than being an assertion directly applied to inventory.

Which of the Following Is Not a Management Assertion Relevant