The Test of Details of Balance Procedure Which Requires the Auditor

question 107

Multiple Choice

The test of details of balance procedure which requires the auditor to inquire of management for the possibility of the inclusion of consigned or other non-owned inventory is associated with which audit objective?

• A) rights
• B) completeness
• C) existence
• D) realisable value

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Definitions:

Product Market

The marketplace where final goods or services are offered to consumers, businesses, and the government.

Positive

In economics, referring to factual statements or analyses about how the world is, as opposed to normative statements which are about how the world ought to be.

National Defense

The government activities and measures taken to protect a country and its citizens from external and internal threats, including maintaining armed forces and developing defense strategies.

Positive

Characterized by the presence of something rather than its absence; in economics, often used to describe factual statements or analysis.