The Auditor Traces Items from the Source Documents to the Journals

question 59

Multiple Choice

The auditor traces items from the source documents to the journals in order to satisfy the

• A)existence objective.
• B)completeness objective.
• C)accuracy objective.
• D)classification objective.

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Definitions:

Live Immature Fish

Young fish not yet reached maturity, often referenced in aquaculture or fisheries management.

Fair Value

The sum one would obtain from selling an asset or the cost to move a liability in a smooth exchange among market players on the date of valuation.

Biological Asset

A living animal or plant.

AASB 141

Refers to the accounting standard issued by the Australian Accounting Standards Board that deals with agriculture and requires biological assets to be measured at their fair value less estimated point-of-sale costs.