Which one of the following assertions regarding an inventory of ski equipment for Matterhorn,Inc.would be considered an incorrect statement?
A)The inventory exists at the balance sheet date.
B)The inventory is owned by Matterhorn.
C)Footnote disclosures concerning inventory are not required given the objective nature of this account.
D)The inventories are properly valued.

Question

Quizplus · Accepted Answer

Footnote disclosures concerning inventory are required per Generally Accepted Accounting Principles (GAAP) in order to provide additional information about the nature of the inventory, its composition, and valuation methods used.

Which One of the Following Assertions Regarding an Inventory of Ski