Multiple Choice
The rights and obligations assertion for inventory relates to which of the following audit objectives?
A) Inventory is properly classified, described and disclosed in the financial statements.
B) The entity owns, or has the legal right to, all of the inventory on the balance sheet.
C) All inventory on the inventory listing is included in the financial statements.
D) All inventory owned by the entity at year-end is included on the balance sheet.
Correct Answer:
Verified
Correct Answer:
Verified
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