Which of the Following Is NOT an Assertion Relating to 'General

question 86

Multiple Choice

Which of the following is NOT an assertion relating to 'general presentation and disclosure- related audit objectives'?

• A) Completeness
• B) Accuracy
• C) Cut off
• D) Occurrence

---

Definitions:

Productive Efficiency

A situation in which an economy or entity is producing goods and services at the lowest possible cost, utilizing all its resources efficiently.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, with each good produced up to the point where the last unit provides a level of utility equal to its cost of production.

Productive Efficiency

A situation where goods and services are produced at the lowest possible cost and resources are utilized optimally.