Radio Supplies Limited sells parts and components to organizations that repair radios and other forms of audio equipment.It has many parts on its inventory listing at cost that were purchased up to fifteen years ago.Some of these parts have not seen any movement in the last ten years.The general balance-related audit objective affected by this activity is
A)completeness.
B)accuracy.
C)valuation.
D)existence.

Question

Quizplus · Accepted Answer

The general balance-related audit objective affected by this activity is valuation. The age of the parts raises a question about their current value, and it may be necessary to adjust the inventory's value on the balance sheet to accurately reflect their true value.

Radio Supplies Limited Sells Parts and Components to Organizations That