An Auditor Selected an Invoice for a Large Inventory Purchase

question 29

Multiple Choice

An auditor selected an invoice for a large inventory purchase and vouched the invoice to the receiving report. Which ASB transaction assertion is the auditor most likely testing?

• A)Occurrence
• B)Completeness
• C)Rights and obligations
• D)Valuation

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Definitions:

Glucose-6-phosphate

A glucose sugar phosphorylated at the 6th carbon, playing a critical role in energy metabolism and the glycogen storage pathway.

Fructose-1,6-bisphosphate

A fructose sugar phosphorylated on carbons 1 and 6, an important intermediate in glycolysis which breaks down sugar for energy production in cells.

Aerobic Respiration

A metabolic process in which cells convert biochemical energy, typically from carbohydrates, into ATP, with the consumption of oxygen.

Mitochondrion

An organelle found in large numbers in most cells, in which the biochemical processes of respiration and energy production occur. It is often referred to as the powerhouse of the cell.