The Audit Objective That All Transactions and Accounts That Should

question 41

Multiple Choice

The audit objective that all transactions and accounts that should be presented in the financial statements are in fact included is related to which of the PCAOB assertions?

• A)Existence.
• B)Rights and obligations.
• C)Completeness.
• D)Valuation.

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Definitions:

Investment Opportunity

An option to allocate resources with the expectation of generating a return or profit in the future.

Turnover

In business, refers to the rate at which employees leave a company and are replaced by new hires; can also refer to the total sales in a given period.

Turnover

A financial metric indicating the rate at which a company's inventory is sold and replaced over a period.

Minimum Required Rate

Typically refers to the minimum rate of return on an investment that a manager or investor deems acceptable, taking into account risk and alternative investments.