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.

---

Definitions:

Duration

The amount of time that something lasts or continues.

Shape Outline

The external line or border that defines the form of an object in graphics software.

Drawing Tools Format Tab

The Drawing Tools Format Tab is a feature in graphic or document editing software that provides various formatting options for shapes, lines, and other graphic elements.

Distribute Horizontally

A feature in graphic design and presentation software that arranges selected objects evenly across the horizontal axis of the page or slide.