The observation of inventory relates primarily to the:
A) existence or occurrence assertion.
B) completeness assertion.
C) rights and obligations assertion.
D) valuation or allocation assertion.
E) presentation or disclosure assertion.

Question

Quizplus · Accepted Answer

The observation of inventory primarily relates to the existence or occurrence assertion, as it provides evidence that the inventory physically exists at a given point in time.

The Observation of Inventory Relates Primarily to The