Accounting Multiple Choice Question – 14 September 2026

For the following circumstance described in respect of inventory, select which financial statement assertion would be affected.

• Inventory items were excluded from the total in the financial statements in error.

Select ONE answer:

1. Completeness
2. Accuracy, valuation and allocation
3. Cut-off
4. Net Realisable Value

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct – The completeness assertion is affected by the omission of inventory items (i.e., inventory is not complete).
2. Not correct
3. Not correct
4. Not correct

This work is licensed under a Creative Commons Attribution 4.0 International License.