Name Two Management Assertions Pertaining to the Inventory Account Balance

question 53

Essay

Name two management assertions pertaining to the inventory account balance and explain why they are considered in an audit.

---

Definitions:

Corporations

Legal entities that are separate from their owners, capable of owning property, entering contracts, and being held liable, often formed to conduct business.

Accrues

To accumulate or receive benefits or penalties over time, often relating to finance or benefits.

Oligopoly

A market structure characterized by a small number of firms controlling a large majority of the market share and often engaging in strategic interactions.

Rogers Wireless

A major Canadian telecommunications and media company known for providing wireless communications services.