The Audit Objective That All Balances Include Items Owned by the Client

question 5

Multiple Choice

The audit objective that all balances include items owned by the client is related most closely to which one of the ASB balance assertions?

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

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Definitions:

Capacitive Reactance

The resistance that a capacitor offers to alternating current, depending on the frequency of the current and the capacitor value, measured in ohms.

AC Circuit

A circuit in which the current changes direction periodically, powered by an alternating voltage source.

Inductive Reactance

A measure of the opposition by an inductor to changes in current, dependent on frequency.

Inductance

A property of an electrical conductor by which a change in current in the conductor induces an electromotive force in both the conductor itself and in any nearby conductors by mutual inductance.