The Transaction-Related Audit Objective That Deals with Whether Recorded Transactions

question 164

True/False

The transaction-related audit objective that deals with whether recorded transactions have actually occurred is the completeness objective.

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Definitions:

Contract

A legally binding agreement between two or more parties with mutual obligations.

Void

Describes a contract or legal agreement that lacks validity and enforceability from the outset.

Economic Duress

Coercion involving threats to a person’s business or financial condition that compel the person to act against their will in entering a contract.

Voluntary Choice

The concept of making decisions freely, without coercion, often discussed in contexts of contract law and ethics.