The test of details of balance procedure that requires the auditor to account for unused inventory tag numbers to make sure none have been omitted is an attempt to satisfy the objective of
A)allocation.
B)existence.
C)completeness.
D)accuracy.

Question

Quizplus · Accepted Answer

The procedure of accounting for unused inventory tag numbers is aimed at determining the completeness objective of the inventory balance. This procedure ensures that all the inventory tags have been accounted for, and none have been omitted, ensuring completeness. Therefore, option C is the correct answer. The other options, allocation, existence, and accuracy, are not directly related to this procedure.

The Test of Details of Balance Procedure That Requires the Auditor