Which of the following management assertions is an auditor most likely testing if the audit objective states that all inventory on hand is reflected in the ending inventory balance a The entity has rights to the inventory b Inventory is properly valued c Inventory is properly presented in the finan...

a Incorrect Determining that the entity has the rights to ...

Which of the following management assertions is an auditor most likely testing if the audit objective states

Question:

Which of the following management assertions is an auditor most likely testing if the audit objective states that all inventory on hand is reflected in the balance?
a. The entity has rights to the inventory.
b. Inventory is properly valued.
c. Inventory is properly presented in the financial statements.
d. Inventory is complete.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...