Your Client Sells a High-Technology Product Which Is Subject to Frequent

question 38

Multiple Choice

Your client sells a high-technology product which is subject to frequent technological improvements and design changes in order to keep current with the market. Based on this information, for the inventory account, the
Assertion upon which you should concentrate your audit procedures is:

• A) valuation and allocation.
• B) existence.
• C) completeness.
• D) rights and obligations.

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Definitions:

Happiness

A state of well-being and contentment characterized by feelings of joy, satisfaction, and fulfillment.

Attitude

Attitude refers to a settled way of thinking or feeling about someone or something, typically reflected in a person's behavior or expressed opinions.

Americans

Residents or citizens of the United States, often characterized by a diverse cultural heritage and a wide range of beliefs and practices.

Internal Locus Of Control

Occurs in people who feel they are in control of the events in their own lives.