Audit Evidence Is Generally Considered Sufficient When

question 59

Multiple Choice

Audit evidence is generally considered sufficient when

• A)it is appropriate.
• B)there is enough of it to afford a reasonable basis for an opinion on financial statements.
• C)it has the qualities of being relevant,objective,and free from known bias.
• D)it has been obtained by random selection.

---

Definitions:

Delivery

The process of transporting goods from one place to another.

Monetary Valuation

The process of determining the financial value of an asset, a company, or an intangible property.

Bailor

A bailor is someone who temporarily hands over control of property to another, known as the bailee, but retains its ownership.

Bailee

A person or entity that temporarily holds property belonging to another under a bailment agreement, often with a duty to care for it.