Because the most likely misstatement in the inventory process is an overstatement misstatement,
A)accuracy and valuation are often identified as relevant assertions for this process
B)cutoff and valuation are often identified as relevant assertions for this process
C)classification and valuation are often identified as relevant assertions for this process
D)existence and valuation are often identified as relevant assertions for this process

Question

Quizplus · Accepted Answer

Existence and valuation are relevant assertions because an overstatement in inventory often means that inventory recorded might not actually exist or is not valued correctly.

Because the Most Likely Misstatement in the Inventory Process Is