Which One of the Following Statements About the Existence and Completeness

question 52

Multiple Choice

Which one of the following statements about the existence and completeness objectives is true?

• A) Existence deals with understatements and completeness deals with overstatements.
• B) The existence and completeness objectives both emphasise the inclusion of all transactions.
• C) Existence deals with overstatements and completeness deals with understatements.
• D) The completeness objective deals with transactions being recorded in their entirety.

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Definitions:

Instagram

A social media platform for sharing photos and videos, allowing users to connect with friends and brands through visual content.

Information Flow

The movement of information from one place to another, which can be within an organization, among individuals or from entities to the public.

Competitive Marketplace

Describes an economic environment where businesses vie for the same customers, offering similar or better goods and services to gain market share.

Increased Choices

A market condition where consumers have a wider range of products or services to choose from, often due to innovation or increased competition.