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:

Test Statistic

A measure calculated from sample data to conduct a hypothesis test.

Degrees of Freedom

The number of independent values or quantities that can be assigned to a statistical distribution without violating any constraints.

Population Means

Population means refer to the average value of a particular characteristic in a population.

Numerator

The top number in a fraction, indicating how many parts of the whole or collection are being considered.