Ensuring Inventories Include All Materials, Products and Supplies on Hand

question 17

Multiple Choice

Ensuring inventories include all materials, products and supplies on hand at the end of the reporting period derives from the audit assertion of:

• A) completeness
• B) valuation and allocation.
• C) existence
• D) rights and obligations.

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Definitions:

Reagents

Substances or compounds added to a system to cause a chemical reaction or test if a reaction occurs.

Major Organic

Pertains to the primary or most significant organic compound or entity in a particular context or reaction.

Major Organic

Typically refers to the major organic product or compound that is predominantly formed in a chemical reaction.

Stereochemical

Pertaining to the spatial arrangement of atoms in molecules and the effect of this arrangement on the chemical and physical properties of those molecules.