Which of the Following Audit Objectives Relates Primarily to the Financial

question 72

Multiple Choice

Which of the following audit objectives relates primarily to the financial report assertion, valuation and allocation?

• A) Inventory listings are accurately compiled and the totals are properly included in the inventory accounts.
• B) Inventory quantities include all products, materials and supplies owned by the company that are in transit.
• C) Slow-moving, excess, defective and obsolete items included in inventories are properly identified.
• D) Inventories exclude items billed to customers or owned by others.

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Definitions:

Presynaptic Terminal

The part of a neuron that releases neurotransmitters into the synaptic cleft to communicate with a neighboring neuron.

Postsynaptic Membrane

The term describes the part of a neuron that receives signals from another neuron at a synapse.

Synaptic Cleft

The synaptic cleft is the narrow gap between the terminal button of a neuron and the membrane of another neuron or muscle cell, through which neurotransmitters are released.

Concentration Differences

Variations in the amount of a particular substance across different spaces or mediums, often leading to diffusion.