Which of the following is not a management assertion about inventory related to "presentation and disclosure?"...
Which of the following is not a management assertion about inventory related to "presentation and disclosure?"
Select one:
a. Major inventory categories and their valuation basis are adequately disclosed in the notes.
b. Inventory is properly stated at cost.
c. Pledge or assignment of inventory as collateral is appropriately shown in notes.
d. Inventory is properly classified as a current asset.
Homework Answers
Answer : b. Inventory is properly stated at cost.
As
The assertion regarding inventory for cost is always cost or NRV it is not that management assertion is that inventory is shown at cost it is that is it shown at cost or NRV as per present accounting standards
all other option given clearly are management assertion with regard to presentation and disclosure
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