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:

Laterally Flexes

The act of bending the spine or another part of the body side to side, away from the midline of the body.

Rotates

To turn or revolve around an internal axis or center point.

Myomalacia

The softening of muscle tissue due to disease or injury.

-malacia

A suffix used in medical terminology to denote a pathological softening of tissues, often used in the context of diseases affecting specific organs.