Which One of the Following Statements About the Existence and Completeness

question 112

Multiple Choice

Which one of the following statements about the existence and completeness objectives is true?

• A) Existence deals with overstatements and completeness deals with understatements.
• B) The completeness objective deals with transactions being recorded in their entirety.
• C) The existence and completeness objectives both emphasise the inclusion of all transactions.
• D) Existence deals with understatements and completeness deals with overstatements.

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Definitions:

Harvest

The process of gathering mature crops from the fields.

Revenue

The total amount of money received by a company or government from its activities, such as sales of goods and services, before any expenses are subtracted.

Profit

Profit is the financial return or gain achieved from an investment or business venture after subtracting all expenses and costs.

Equilibrium Price

The price at which the quantity of a good or service supplied matches the quantity demanded, leading to market balance.