Multiple Choice
Your client sells a high-technology product which is subject to frequent technological improvements and design changes in order to keep current with the market. Based on this information, for the inventory account, the
Assertion upon which you should concentrate your audit procedures is:
A) valuation and allocation.
B) existence.
C) completeness.
D) rights and obligations.
Correct Answer:

Verified
Correct Answer:
Verified
Q5: An auditor would be least likely to
Q33: The accuracy of perpetual inventory records may
Q35: Which of the following audit procedures would
Q37: Johnson is engaged in the audit of
Q38: When perpetual inventory records are maintained, and
Q39: The physical count of inventory of a
Q59: To verify that all sales transactions have
Q77: Which of the following pairs of accounts
Q79: One of the primary reasons for preparing
Q86: In auditing accounts receivable, the negative form