Verifying the accuracy and valuation assertion for inventory involves which of the following?
A) verifying the cost of inventory
B) verifying the net realizable value of inventory
C) verifying the basis used by management in determining the value of each item of inventory
D) all of the above

Question

Quizplus · Accepted Answer

Verifying the accuracy and valuation assertion for inventory involves verifying the cost of inventory, verifying the net realizable value of inventory, and verifying the basis used by management in determining the value of each item of inventory. Therefore, all of the options (A, B, and C) are correct.

Verifying the Accuracy and Valuation Assertion for Inventory Involves Which