The Auditor Performs Substantive Procedures Related to Property,plant,and Equipment to Determine

question 15

Multiple Choice

The auditor performs substantive procedures related to property,plant,and equipment to determine if the assets have been pledged as collateral or title has transferred.What is the primary assertion the auditor is testing?

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

---

Definitions:

Trade Discount

A reduction in the retail or list price of a product or service provided by a seller to a buyer in the trade channel.

Trade Discount

A reduction in price offered by a seller to a buyer for purposes of increasing sales, typically calculated as a percentage off the list price.

Trade Discount

A deduction from the list price of goods agreed upon by the seller and the buyer, typically offered by suppliers to retailers.

Trade Discount

A reduction granted by a supplier on the list or catalog prices of goods or services, often based on the volume of transactions.