Examining Inventory Descriptions on Tags and Comparing to Actual Inventory

question 58

Multiple Choice

Examining inventory descriptions on tags and comparing to actual inventory relates to which audit objective?

• A) Inventory is counted accurately (accuracy).
• B) Inventory is classified correctly (classification).
• C) Existing inventory is counted and tagged (completeness).
• D) Inventory as recorded on tags exists (existence).

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Definitions:

Limestone

A sedimentary rock primarily composed of the mineral calcite (calcium carbonate), often formed from the skeletal remains of marine organisms.

Dissolved

A process in which solids are mixed into liquids to create a uniform solution, commonly occurring in both nature and chemical reactions.

Chemical Weathering

The breakdown of rocks and minerals through chemical reactions with substances in the environment, like water, oxygen, and acids.

Critical Factor

An essential element or condition required for a process or outcome to occur, often determining success or failure.