Which of the Following Management Assertions Is an Auditor Most

question 1

Multiple Choice

Which of the following management assertions is an auditor most likely testing if the audit objective states that all inventory on hand is reflected in the ending inventory balance?

• A)The entity has rights to the inventory.
• B)Inventory is properly valued.
• C)Inventory is properly presented in the financial statements.
• D)Inventory is complete.

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Definitions:

Mitosis

A process of cell division in which a single cell divides to produce two genetically identical daughter cells.

Metaphase

Third phase of mitosis; chromosomes are aligned at the metaphase plate.

Chromosomes Line Up

A phase during cell division where chromosomes align in the middle of the cell before being separated into daughter cells.

Sister Chromatids

Identical copies of a chromosome connected by a centromere, formed during the S phase of cell division.