Which of the Following Audit Objectives Relates Primarily to the Financial

question 35

Multiple Choice

Which of the following audit objectives relates primarily to the financial report assertion of presentation and disclosure-classification and understandability?

• A)Inventories are included in the statement of financial position as current assets.
• B)Inventories exclude items billed to customers or owned by others.
• C)Inventories are included in the statement of financial position at the lower of cost and net realisable value.
• D)Inventory quantities include all products, materials and supplies owned by the company that are in transit.

---

Definitions:

Government Spending

The total amount of money that a government expends on services, infrastructure, public employees, and other items deemed necessary for the nation's welfare and economic health.

Marriage Counselors

Professionals who specialize in providing advice and guidance to couples seeking to improve or save their marriage relationship.

Vent Feelings

The act of expressing emotions, often negative, to relieve stress or tension.

Share Of The Blame

The portion of responsibility attributed to each individual or party involved in a negative event or outcome.