If the auditor selects the sample of inventory items on the final inventory listing to perform price tests,the auditor gathers evidence about which assertion(s)?
A)existence and occurrence.
B)accuracy.
C)valuation or allocation.
D)completeness.
E)presentation and disclosure.

Question

Quizplus · Accepted Answer

Price tests are used to gather evidence about the valuation or allocation assertion, which verifies that inventory is recorded at accurate amounts and has been properly classified or allocated. This type of test does not address the existence, occurrence, completeness, or presentation and disclosure assertions.

If the Auditor Selects the Sample of Inventory Items on the Final