Which Assertion Is Not Specifically Addressed by Internal Control Objectives

question 30

Multiple Choice

Which assertion is not specifically addressed by internal control objectives?

• A) cut-off
• B) presentation and disclosure
• C) completeness
• D) existence

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Definitions:

Indirect Materials

Materials used in the production process that cannot be directly linked to specific products or jobs, such as lubricants for machinery.

Materials Requisitions

Requests or orders for company materials to be used in production, indicating types, amounts, and intended use.

Period Cost

Costs that are not directly tied to the production process and are expensed in the period in which they are incurred, such as selling, general, and administrative expenses.

Direct Labor Cost

The wages of factory workers who are directly involved in converting materials into a finished product.