The Specific Audit Objective, cash Balances Are Properly Identified and Classified

question 78

Multiple Choice

The specific audit objective, cash balances are properly identified and classified in the balance sheet, is derived from the:

• A) existence or occurrence assertion.
• B) completeness assertion.
• C) rights and obligations assertion.
• D) valuation or allocation assertion.
• E) presentation or disclosure assertion.

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Definitions:

Natural Process

A sequence of events or phenomena that occurs in the natural world without human intervention.

Extinctions

The permanent and irreversible loss of species from Earth, often due to environmental changes, natural disasters, or human activities.

Desertification

The conversion of lush, fertile ground into desolate deserts, commonly triggered by lack of rain, cutting down forests, or faulty agricultural techniques.

Deforestation

The clearing of trees and forests, typically leading to habitat destruction and biodiversity loss.