When the Auditor Used the Audit Procedure Vouching She Is

question 11

Multiple Choice

When the auditor used the audit procedure vouching she is primarily concerned with which of the following assertions?

• A) Completeness.
• B) Existence.
• C) Authorization.
• D) Classification.

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Definitions:

Marginal Utility

The additional satisfaction or usefulness gained from consuming one more unit of a good or service.

Risk-averse

Describes individuals or entities that prefer to avoid risk and would rather choose a certain outcome over a gamble with a potentially higher, but uncertain, return.

Diminishing Marginal Utility

An economic principle that asserts the added satisfaction a consumer gains from consuming one more unit of a good or service decreases with each additional unit consumed.

Fundamental Analysis

The study of a company’s accounting statements and future prospects to determine its value