Question: In testing inventory at an audit client in the retail industry, you note that some of the inventory is contracted to be held on consignment.

In testing inventory at an audit client in the retail industry, you note that some of the inventory is contracted to be held on consignment. As a result: which financial statement assertion is now relevant?

Rightand obtigations

Completeness

Eistence or ocaurrence

Valuation orallocation

In testing inventory at an audit client in the retail industry,

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