Ensuring Inventoriinclude All Materials, Products and Supplion Hand at the End

question 5

Multiple Choice

Ensuring inventoriinclude all materials, products and supplion hand at the end of the reporting period derivfrom the audit assertion of:

• A) completeness
• B) valuation and allocation.
• C) existence
• D) rights and obligations.

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Definitions:

Nonparametric Tests

Statistical tests that do not assume a specific distribution for the data, often used when parametric test assumptions cannot be satisfied.

Probability Distributions

Descriptions or functions that outline all the possible values and likelihoods that a random variable can take within a given range.

Identical Except

A phrase indicating that objects or scenarios are the same in all aspects except for the specific differences mentioned.

Parametric Test

A statistical test based on assumptions about the population from which the sample is drawn, including its distribution.