An Auditor Concluded That No Excessive Costs for Idle Plant

question 769

Multiple Choice

An auditor concluded that no excessive costs for idle plant were charged to inventory. This conclusion most likely related to the auditor's objective to obtain evidence about the financial statement assertions regarding inventory, including understandability and classification, and:

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

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Definitions:

Perceived Problems

Issues or challenges that are subjectively recognized and experienced by individuals, which may vary significantly from person to person.

Overthink

The act of thinking about something too much or for too long, often leading to unnecessary worry or anxiety.

Bulimia Nervosa

An eating disorder characterized by episodes of binge eating followed by purging, excessive exercise, or fasting to prevent weight gain.

Binge Eating

The consumption of large quantities of food in a short period of time, often accompanied by feelings of loss of control and distress.