Empire Business Machines,Inc

question 89

Multiple Choice

Empire Business Machines,Inc.(EBM) is audited by Flintstone and Sigmond Co.Empire utilizes the FIFO cost flow assumption at the lower of cost or market for its inventory and has ten locations throughout Wyoming,Utah and Idaho.The audit program of Flintstone and Sigmond requires that the following procedures be performed by the senior auditor: Procedure B-1 and B-2 of Flintstone and Sigmond primarily relates to which management's assertion?

• A)existence
• B)valuation
• C)rights and obligations
• D)presentation and disclosure

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Definitions:

Socio-emotional

Pertaining to the combined processes of social and emotional development or experiences.

Cognitive Development

The construction of thought processes, including remembering, problem-solving, and decision-making, from childhood through adulthood.

Physical Development

The biological process of growth and change in the body's structures, capabilities, and appearance over time.

Avoidant Attachment

A type of attachment style characterized by a desire to maintain independence and emotional distance from others.