Which of the following is the primary assertion related to testing inventory on hand to see if it includes consignment goods?
A)Existence.
B)Completeness.
C)Valuation.
D)Rights and Obligations.

Question

Quizplus · Accepted Answer

The primary assertion related to testing inventory on hand to see if it includes consignment goods is Rights and Obligations. This assertion ensures that the company has ownership or legal rights to the inventory on hand, including any consignment goods that may be included. Consignment goods are owned by a third party until they are sold, so it is important to ensure that the company has the right to include them in their inventory on hand.

Which of the Following Is the Primary Assertion Related to Testing