4. Mr. B, an Articled Clerk responsible for the audit procedures concerning inventory, found that the inventory amounting to ` 38 lakhs, after excluding ` 2 lakhs of inventory that was held by PQ Ltd. as a consignee, has been recognized in the Balance Sheet. Which of the following assertions related to inventory are applicable in this situation? (I) Occurrence (II) Completeness (III) Rights & Obligations (IV) Measurement
Options
AI & II above
BII & III above
CIII & IV above
DI & IV above
(2 Marks)
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