Which of the Following Audit Objectives Does Not Relate Primarily

question 22

Multiple Choice

Which of the following audit objectives does not relate primarily to the financial report assertion of completeness?

• A) Inventories are reduced, when appropriate, to net realisable value.
• B) Inventory quantities include all products, materials and supplies on hand.
• C) Inventory listings are accurately compiled and the totals are properly included in the inventory accounts.
• D) Inventory quantities include products and materials owned by the company that are in transit or stored at outside locations.

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Definitions:

Neutralizers

Factors that minimize or negate the influence of leadership on followers' performance and attitudes.

Leadership

The act of guiding or directing a group towards achieving a common goal.

Many Substitutes

A market condition where numerous alternative products or services exist for a single offering, increasing competition.

Crisis Situation

A critical or unstable time or state of affairs in which a decisive change is impending, often one with the possibility of a highly undesirable outcome.