Examlex
When management presents the financial statements to the auditor,management makes several assertions about the financial statements.Which of the following is not one of these assertions?
Beginning Inventory
The cost of products on hand for selling at the commencement of an accounting cycle.
Inventory Turnover
A financial ratio measuring how many times a company's inventory is sold and replaced over a period.
Cost of Goods Sold
A duplicated term; refers to the direct costs attributable to the production of the goods sold by a company, including material and labor costs.
Ending Inventory
The value of goods available for sale at the end of an accounting period, after accounting for all sales and purchases during the period.
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