Question
Select all that apply relative to the production inventory cycle: A) The presentation and disclosures assertion of completeness is generally high because disclosures concerning valuation
Select all that apply relative to the production inventory cycle:
A) The presentation and disclosures assertion of completeness is generally high because disclosures concerning valuation method, obsolescence and returns are important to a users understanding of inventory at year-end.
B) The primary concerns with inventory on the balance sheet are existence, valuation and allocation.
C) The cutoff assertion related to inventory may or may not be high for manufacturers and merchandising concerns.
D) The primary concern with WIP inventory is that is can hide waste and fraud.
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