Question

Presentation and disclosure is the most important assertion related to inventory testing True or False

Presentation and disclosure is the most important assertion related to inventory testing

True or False

Homework Answers

Answer #1

Ans is False

Reason:-

The prime focus is on existence and valuation.

Hi mate,
I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here.
In case of doubt, please comment. I will consider myself fortunate if I can help you.
All the best for your bright future.
Be safe from the corona. Wear a mask before going out and wash hands frequently especially before touching the face
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
True or False 1. Converting project-related inventory into cash at the end of the project is...
True or False 1. Converting project-related inventory into cash at the end of the project is not a project related cash flow. 2. MACRS always depreciates assets to the equipment’s salvage value.
True or False: The most important assumption for any significance test is that the data result...
True or False: The most important assumption for any significance test is that the data result from a random sample or randomize experiment.
The audit objective “Recorded inventory quantities include no fraudulent products” is related to which Audit procedure?...
The audit objective “Recorded inventory quantities include no fraudulent products” is related to which Audit procedure? a. Select a sample of recorded items on count sheets during the physical inventory count and determine that items are on hand. b. Select a sample of recorded items and examine supporting vendors’ invoices and contracts. c. Select a sample of items during the physical inventory count and determine that they have been included on count sheets d. Examine current vendor’s price lists. f....
TRUE or FALSE In related diversified firms, core competencies are exploited most effectively when they are...
TRUE or FALSE In related diversified firms, core competencies are exploited most effectively when they are developed and applied across different organizational units
Uniform capitalization of indirect inventory costs is required for most very large taxpayers. True or False
Uniform capitalization of indirect inventory costs is required for most very large taxpayers. True or False
Understanding the management assertions related to a specific control is an important factor in preparing the...
Understanding the management assertions related to a specific control is an important factor in preparing the tests of controls. Using the assertions provided below, select the management assertion(s) that relates to the purpose of the controls in the table. (A management assertion may be selected once, more than once, or not at all.) Management Assertions (a) Existence or occurrence (b) Completeness (c) Rights and obligations (d) Valuation or allocation (e) Presentation and disclosure (f) Authorization (g) Cutoff Purpose of Control...
Answer the following questions either true, false, explain your answer. The explanation is the most important...
Answer the following questions either true, false, explain your answer. The explanation is the most important part of your answer. The deficit will decrease during recessions and increase during expansions.
Answer the following questions either true, false, explain your answer. The explanation is the most important...
Answer the following questions either true, false, explain your answer. The explanation is the most important part of your answer. If nominal GDP increased by 5.1% and real GDP increased by 2.5% last year, Prices went up during the year.
True or False Brainstorming is a discussion among the engagement team that allows the more experienced...
True or False Brainstorming is a discussion among the engagement team that allows the more experienced team members to share insights and exchange ideas about how and where the entity’s financial statements might be susceptible to material misstatement, due to either fraud or error. If auditors uncover fraud that includes senior management, but the amounts are immaterial, the auditors are not required to report this fraud to the audit committee. In testing the new addition of a $200,000 piece of...
briefly list the steps of hypothesis testing. In your opinion, which is the most important step?...
briefly list the steps of hypothesis testing. In your opinion, which is the most important step? Why?