The Specific Audit Objective for the Audit of Investments, all

question 80

Multiple Choice

The specific audit objective for the audit of investments, all investments are included in the balance sheet investment accounts, relates to 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:

Cognitive Schema

Mental structures that an individual uses to organize knowledge and guide cognitive processes and behavior.

Prototype

An original model or first form of something from which other forms are copied or developed.

Basic Concept

Fundamental ideas that underpin a subject or field of study, serving as the foundation for further knowledge and understanding.

Mental Set

A psychological tendency to approach situations in a certain way because that method has worked in the past, which can limit problem-solving abilities.