Which of the Following Is Not a PCAOB Assertion About

question 38

Multiple Choice

Which of the following is not a PCAOB assertion about inventory related to presentation and disclosure?

• A)Inventory is properly classified as a current asset on the balance sheet.
• B)Inventory is properly stated at its cost on the balance sheet.
• C)Major inventory categories and their valuation bases are adequately disclosed in notes.
• D)All of these are PCAOB presentation and disclosure assertions about inventory.

---

Definitions:

Sophomore

The term used to describe a second-year student in high school or college.

Junior

A term typically used to describe a third-year student in a four-year educational institution or someone with intermediate level experience in a job role.

Senior

Refers to an individual of advanced age or to a person holding a high and often authoritative position, especially in a business or academic setting.

Mean Age

The average age of the individuals in a given population or sample.