The Audit Objective Specifying That "All Recorded Assets,liabilities,and Transactions Represent

question 47

Multiple Choice

The audit objective specifying that "all recorded assets,liabilities,and transactions represent real assets,liabilities,revenues,and expenses" is related most closely to which assertion(s) ?

• A)Existence or occurrence.
• B)Rights and obligations.
• C)Completeness.
• D)Presentation and disclosure.

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Definitions:

Technical Systems

Systems within an organization that involve the machinery, equipment, and processes necessary for the production of goods and services.

Behavioral Approach

A perspective in psychology focusing on observable behaviors and the ways in which the environment influences those behaviors.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activities.

Bivariate Analysis

Statistical analysis that involves the investigation of the relationship between two variables.