Which of the Following Audit Objectives Relates Primarily to the Financial

Multiple Choice

Which of the following audit objectives relates primarily to the financial report assertion of presentation and disclosure-classification and understandability?

A) Inventories are included in the statement of financial position as current assets.
B) Inventories exclude items billed to customers or owned by others.
C) Inventories are included in the statement of financial position at the lower of cost and net realisable value.
D) Inventory quantities include all products, materials and supplies owned by the company that are in transit.