The Auditor's Internal Control Objective to Determine That "Recorded Acquisitions

question 26

Multiple Choice

The auditor's internal control objective to determine that "recorded acquisitions are for goods and services received" satisfies the audit objective of

• A) accuracy.
• B) occurrence.
• C) authorization.
• D) completeness.

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Definitions:

APS

Average Propensity to Save, the proportion of total income that is saved by the economy or an individual.

Consumption

Pertains to the aggregate volume of products and services that are purchased and consumed by families and people.

MPC

The marginal propensity to consume, which is the fraction of additional income that a household spends on consumption.

Disposable Income

Financially viable resources for households' spending and saving strategies after deducting income taxes.