XYZ Brick Company Decided to Inflate Sales by Recording Fictitious

question 44

Multiple Choice

XYZ Brick Company decided to inflate sales by recording fictitious sales.Several non-existent clients were created and the sales were added into the sales journal throughout the year.The general transaction-related audit objective affected by these actions is

• A)occurrence.
• B)completeness.
• C)accuracy.
• D)posting and summarization.

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Definitions:

Exchange Rate

The price at which one currency can be exchanged for another currency.

Units

Refers to a measure of quantity or amount in a specified dimension such as length, mass, time, etc., or in the context of economics and finance, the smallest portion of a product or financial instrument.

Percent Saving

The percentage of the original price saved as a result of a discount or offer.

U.S. Border

The geographical boundary separating the United States from neighboring countries.