Inquiries of warehouse personnel concerning possible obsolete or slow-moving inventory items provide assurance about the ASB balance assertion of
A) Completeness.
B) Existence.
C) Presentation.
D) Valuation.
E) Rights and obligations.

Question

Quizplus · Accepted Answer

Inquiries about possible obsolete or slow-moving inventory items provide assurance about the ASB balance assertion of valuation, as it helps to identify inventory items that may need to be written down or written off due to a decrease in market value or a decrease in demand, ensuring that inventory is valued at the lower of cost or net realizable value.

Inquiries of Warehouse Personnel Concerning Possible Obsolete or Slow-Moving Inventory