The Specific Audit Objective, recorded Cash Balances Exist at the Balance

question 12

Multiple Choice

The specific audit objective, recorded cash balances exist at the balance sheet date, 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:

APEC

The Asia-Pacific Economic Cooperation, a forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.

European Countries

Nations located on the European continent, each with its distinct culture, history, and political system.

European Union

A political and economic alliance of European countries.

Customs Laws

Regulations imposed by governments on the import and export of goods, aimed at controlling the flow of goods across borders.