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:

Sexual Assault

An act in which an individual intentionally sexually touches another person without their consent, or coerces or physically forces a person to engage in a sexual act against their will.

Antidiuretic Hormone (ADH)

A hormone produced by the pituitary gland that regulates water retention in the kidneys, affecting hydration and blood pressure.

Adrenocorticotropic Hormone (ACTH)

A hormone produced by the pituitary gland that stimulates the adrenal glands to release cortisol, playing a key role in stress response and other metabolic functions.

Norepinephrine

Norepinephrine is a neurotransmitter and hormone involved in the body's fight or flight response, affecting blood pressure, heart rate, and blood sugar levels.