Examining Inventory Descriptions on Tags and Comparing to Actual Inventory

question 105

Multiple Choice

Examining inventory descriptions on tags and comparing to actual inventory relates to which audit objective?

• A) Inventory is counted accurately (accuracy)
• B) Inventory as recorded on tags exists (existence)
• C) Inventory is classified correctly (classification)
• D) Existing inventory is counted and tagged (completeness)

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Definitions:

Stakeholders

Individuals or groups that have an interest or stake in the outcome of a project, decision, or organization.

Mental Model Learning

Mental model learning involves adjusting and refining the internal representations or frameworks that individuals use to understand the world, solve problems, and make decisions.

Particular Frame

A specific perspective, interpretation, or point of view from which situations, events, or concepts are analyzed or understood.

Managers and Employees

Refers to the relationship and roles within an organization where managers are responsible for planning, leading, organizing, and controlling, while employees execute tasks and responsibilities.