Selecting a Sample of Notes Payable Transactions and Vouching Payments

question 89

Multiple Choice

Selecting a sample of notes payable transactions and vouching payments to canceled checks is a test of the ASB balance assertion of:

• A)accuracy.
• B)completeness.
• C)existence.
• D)presentation.

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Definitions:

X

Often used to represent an unknown quantity or variable in mathematical equations and expressions.

Markup Rate

The percentage increase on the cost price of goods to achieve the selling price.

Selling Price

The amount for which a product or service is sold to the purchaser.

Proportion

An equation that states two ratios are equivalent, often used to solve for an unknown value.