An Auditor Selected a Product Maintained in the Finished Goods

question 32

Multiple Choice

An auditor selected a product maintained in the finished goods warehouse. The auditor counted the product and compared this amount with the amount in the finished goods perpetual inventory subsidiary account. Which ASB balance assertion is the auditor most likely testing?

• A)Existence
• B)Completeness
• C)Rights and obligations
• D)Valuation

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Definitions:

Stable

Something that is not likely to change, give way, or falter; enduring and consistent.

Sexual Abuse

A form of abuse involving non-consensual sexual activity or coercion.

Inappropriate Touching

Physical contact that is not consented to, socially unacceptable, or considered offensive.

Coerced

Being forced or compelled to act or think in a certain way through pressure, threats, or intimidation.