An Auditor Concluded That No Excessive Costs for Idle Plant

question 64

Multiple Choice

An auditor concluded that no excessive costs for idle plant were charged to inventory.This conclusion most likely related to the auditor's objective to obtain evidence about the financial statement assertions regarding inventory,including presentation and disclosure and

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

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Definitions:

Ratification

The formal approval or confirmation of an agreement, treaty, constitution, or law, making it officially valid and binding.

Southern Legislatures

The legislative bodies governing the states in the southern United States, particularly in reference to periods of significant historical context, such as during Reconstruction or the Civil Rights Movement.

Union Army

The Union Army was the land force that fought for the Northern states during the American Civil War (1861-1865).

State Constitutional

Pertaining to the fundamental principles or established precedents according to which a state is acknowledged to be governed.