Which of the Following Is the Primary Assertion Related to Testing

question 6

Multiple Choice

Which of the following is the primary assertion related to testing inventory on hand to see if it includes consignment goods?

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

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Definitions:

Negligent Act

Conduct falling below the standard of care expected to protect others against unreasonable risk of harm.

Limited Partner

A type of investor in a partnership who has limited liability to the extent of their investment and typically does not participate in daily business management.

Statutory Provisions

Laws or regulations enacted by the legislative body that must be adhered to.

Liability

The condition of having legal accountability, especially regarding debts or legal duties.