An Auditor Selected a Product Recorded in the Finished Goods

question 45

Multiple Choice

An auditor selected a product recorded in the finished goods perpetual inventory subsidiary account. The auditor went to the warehouse and counted the product and compared this amount with the amount in the finished goods perpetual inventory subsidiary account. Which ASB balance assertion is the auditor most likely testing?

• A)Existence
• B)Completeness
• C)Rights and obligations
• D)Valuation

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Definitions:

Impulse Control Disorder

A psychiatric condition characterized by difficulty resisting the impulse to perform actions that could be harmful to oneself or others.

Family History

A record of the health and medical conditions of an individual's relatives, important for understanding genetic risks or predispositions.

Mental Illness

A disorder that affects a person's mood, thinking, and behavior, encompassing a wide range of mental health conditions.

Alcohol Abuse

The excessive and harmful consumption of alcohol, leading to negative health, social, and legal consequences.