The Following Audit Procedure Tests Primarily Which Balance-Related Audit Objective

question 54

Multiple Choice

The following audit procedure tests primarily which balance-related audit objective for accounts receivable: trace accounts from the accounts receivable master file to the aged trial balance.

• A) rights and obligations
• B) completeness
• C) presentation and disclosure
• D) cutoff

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Definitions:

Government Funded

Financial support provided by government agencies for projects, programs, or research, typically through grants or subsidies.

Private Sector

The part of a country's economic system that is run by individuals and companies, rather than by the government.

Private Organizations

Entities that operate independently of government control, often driven by private ownership or non-profit motives.

Medicare Coverage

A federal health insurance program in the United States for people aged 65 and older, as well as for some younger individuals with disabilities.