An Auditor Selected Items for Test Counts While Observing a Client's

question 74

Multiple Choice

An auditor selected items for test counts while observing a client's physical inventory.The auditor then traced the test counts to the client's inventory listing.This procedure most likely provided evidence concerning management's assertion of

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

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Definitions:

Registered

The status of being officially recorded and recognized, often referring to documents, organizations, or trademarks.

Gift Causa Mortis

is a gift made by a person who anticipates imminent death, which becomes fully effective only if the donor dies of the anticipated condition.

Irrevocable Gift

A permanent transfer of assets or property from one party to another, which cannot be undone or taken back by the donor.

Fair-Use Doctrine

A legal doctrine that permits limited use of copyrighted material without requiring permission from the rights holders, typically for purposes such as criticism, comment, news reporting, teaching, scholarship, or research.