Which of the Following Is Not a PCAOB Assertion About

question 105

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 the above are PCAOB presentation and disclosure assertions about inventory.

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Definitions:

Fan Apparel

Clothing and merchandise designed to show support for sports teams, players, or entertainment franchises, often featuring logos and themes.

Adjacent Retailers

Retail stores located near to each other, often sharing customer foot traffic or market segments.

Higher-perceived Quality

A consumer's perception of the superior performance or durability of a product or service compared to its competitors, often influenced by brand reputation and marketing.

Breadth Of Assortment

The number of distinct goods or service product lines that a retailer carries.