Procedures Related to the Purchases Cut-Off Assertion Should Be Designed

Multiple Choice

Procedures related to the purchases cut-off assertion should be designed to test whether or not all inventory:

A) purchased and received immediately before year-end was recorded in the correct period.
B) on the year-end statement of financial position was recorded at lower of cost or market.
C) on the year-end statement of financial position was paid for by the company.
D) owned by the company is in the possession of the company.