For Cash Receipts,the Occurrence Transaction-Related Audit Objective Affects the Completeness

question 52

Multiple Choice

For cash receipts,the occurrence transaction-related audit objective affects the completeness balance-related audit objective of accounts receivable.Which accounts receivable balance-related audit objective does the cash receipts transaction-related audit objective of completeness affect?

• A)allocation
• B)completeness
• C)rights and obligations
• D)existence

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Definitions:

Dependent Child

A child who relies on their parent or guardian for more than half of their financial support and meets certain IRS criteria for tax purposes.

Foreign Tax Credit

A tax credit that cannot be refunded for income taxes paid to an external government due to withholdings from foreign income tax.

Foreign Income Taxes

Taxes paid to a foreign government for income earned outside of the taxpayer's resident country.

U.S. Tax Liability

The total amount of tax owed to the United States government, including federal, state, and local taxes.