Counting inventory on the warehouse floor and tracing the count to the inventory compilation provides evidence to support which management (PCAOB) assertion?
A)Existence or occurrence.
B)Completeness.
C)Rights and obligations.
D)Valuation or allocation.

Question

Quizplus · Accepted Answer

Counting inventory and tracing it to the compilation supports the completeness assertion, as it ensures that all inventory items have been accounted for and included in the inventory compilation.

Counting Inventory on the Warehouse Floor and Tracing the Count