Which of the Audit Objectives Is Performed First When Doing

question 86

Multiple Choice

Which of the audit objectives is performed first when doing the tests of details of balances for accounts receivable?

• A) Recorded accounts receivable exist.
• B) Accounts receivable in the aged trial balance agree with related master file amounts and the total is correctly added and agrees with the general ledger.
• C) Accounts receivable are owned.
• D) Existing accounts receivable are included.

---

Definitions:

Percentage Change

A mathematical calculation that describes the degree of change over time, expressed as a fraction of the starting value.

Price Of Product

The monetary value assigned to a good or service that consumers are required to pay to acquire it.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price level in a specific time period.

Midpoint Formula

A method used in geometry to determine the exact center point between two defined points on a line segment.