Ensuring inventoriinclude all materials, products and supplion hand at the end of the reporting period derivfrom the audit assertion of:
A) completeness
B) valuation and allocation.
C) existence
D) rights and obligations.

Question

Quizplus · Accepted Answer

The completeness assertion states that all transactions and balances that should have been recorded and included in the financial statements have been included. Ensuring that all materials, products, and supplies on hand at the end of the reporting period are included in the inventory supports the completeness assertion.

Ensuring Inventoriinclude All Materials, Products and Supplion Hand at the End