you are auditing a store that sells merchandise. some of the store merchandise is held on consignment. which account balance assertion for inventory should you be most concerned about verifying?

The entity either owns or has the right to use assets that are listed as assets on the financial accounts. The actual debts of the firm are reflected as liabilities in the financial accounts.

A commitment ties two or more specific people together. As a result, the legal definition of an obligation includes both a duty and a corresponding right. If one party has an obligation, another party likewise has a corresponding right.

There are three different types of obligations: civic obligations, natural obligations, and imperfect obligations. An imperfect obligation is one that neither generates a right of action nor works legally, operating solely in the moral sense and not under the authority of any positive law.

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