1- Inventories received before the period-end are recorded as current purchases and those received after the period end are included in the next period. What assertion is being described?

A) cut-off. B) completeness. C) accuracy. D) rights and obligations.

2- Goods held on consignment are:

1. A) goods held at locations outside the entity.

2. B) goods held by the firm but belonging to customers.

3. C) goods sent to an entity by the seller where the seller is only paid when the goods are sold.

4. D) goods pledged as security for a loan.