When Costa Zimbalist observes the inventory count at a client to establish that the client's personnel are complying with inventory count instructions, which assertions are in play?
A) completeness, cutoff, rights and obligations
B) completeness, cutoff
C) existence, classification
D) existence, completeness, valuation and accuracy

Question

Quizplus · Accepted Answer

Observing the inventory count helps ensure that the inventory exists, is complete, and is accurately valued and recorded, which relates to the assertions of existence, completeness, and valuation and accuracy.

When Costa Zimbalist Observes the Inventory Count at a Client