Which of the Following Audit Objectives Relates Primarily to the Financial

question 23

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 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:

Poison Control

A medical service providing immediate, free, and expert treatment advice and assistance over the phone in case of exposure to poisonous or toxic substances.

Syrup Of Ipecac

A medication once commonly used to induce vomiting after ingestion of poisons but now less recommended due to risks and lack of efficacy in many cases.

Urinary Catheter

A tube inserted into the bladder through the urethra to drain urine from the bladder in individuals who are unable to urinate by themselves.

Surgical Asepsis

Procedures used to eliminate any microorganisms from an area. Also called sterile technique.