The Classification Balance-Related Audit Objective

question 115

Multiple Choice

The classification balance-related audit objective

• A)involves determining if items included on a client's listing are included in the correct general leger accounts.
• B)is the counterpart to the management assertion of completeness.
• C)involves determining if items included on a client's listing are disclosed properly in the financial statements.
• D)involves tying in the account balances to the general ledger.

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Definitions:

Electoral Dealignment

A situation where a significant number of voters no longer support a particular political party or remain loyal to it across elections.

Critical Election

A pivotal election that signals significant changes in political alignments or party dominance.

Realigning Election

An election that results in a significant shift in the way voters align themselves politically, often leading to a long-term change in political landscape.

American Party System

The structured political party system in the United States, characterized by two major parties, the Democrats and Republicans, dominating electoral politics.