Which of the Following Audit Objectives Relates Primarily to the Financial

question 68

Multiple Choice

Which of the following audit objectives relates primarily to the financial report assertion, rights and obligations?

• A) Inventories are properly classified in the statement of financial position as current assets.
• B) Inventories exclude items billed to customers or owned by others.
• C) Slow-moving, excess, defective and obsolete items included in inventories are properly identified.
• D) Inventory quantities include all products, materials and supplies owned by the company.

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Definitions:

Heels Slip

The phenomenon of the back part of a shoe or heel moving out of place, often leading to discomfort or instability while walking.

Physical Activity Readiness Questionnaire (PAR-Q)

A questionnaire designed to assess an individual's medical readiness to engage in physical activity or exercise.

Physical Fitness

A state of health and well-being achieved through regular physical activity, proper nutrition, and adequate rest.

Stress Level

A measure of the amount of mental or emotional strain or tension resulting from adverse or demanding circumstances.