The Auditor Traces Items from the Receiving Reports to the Accounts

question 95

Multiple Choice

The auditor traces items from the receiving reports to the accounts payable journal in order to satisfy the

• A)existence assertion.
• B)rights and obligations assertion.
• C)completeness assertion.
• D)valuation assertion.

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Definitions:

Utilities Possibilities Frontier

A concept in economics that represents all possible allocations of utility or satisfaction among different goods and services for a particular consumer or society, graphically.

Efficient

A state of productivity in which resources are used in the most cost-effective way without waste, achieving the highest possible output from a given input.

Equitable

Characterized by fairness or impartiality; just and right in considering the rights and responsibilities of all parties involved.

Efficiency

The extent to which resources are used optimally to achieve the desired output, often maximizing productivity while minimizing waste.