Which Assertion for Ending Inventory Is Most Likely Violated If

question 28

Multiple Choice

Which assertion for ending inventory is most likely violated if the gross profit percentage is much greater than last year?

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

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Definitions:

Desertion

The act of abandoning a person, place, or obligation, especially in a military context where it refers to a soldier leaving their post without permission.

Paid Workforce

Refers to individuals who are employed and receive compensation for their work in the form of wages, salary, or other earnings.

Increasingly

Referring to something happening in greater amounts or with greater frequency over time.

1960s

A decade marked by significant social, political, and cultural change worldwide, including civil rights movements and the rise of counterculture.