The Auditor Obtained an Aged List of Receivables and Traced

question 61

Multiple Choice

The auditor obtained an aged list of receivables and traced the accounts to the master file, footed the schedule, and traced the amounts to the general ledger. Which balance-related audit objective was met?

• A) existence
• B) cutoff
• C) detail tie-in
• D) all of the above

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Definitions:

Kerosene

A flammable hydrocarbon liquid commonly used as a fuel in heating, jet engines, and lighting, extracted from petroleum.

Jet Fuel

A type of aviation fuel designed for use in aircraft powered by gas-turbine engines.

Industrial Chemicals

Chemical compounds produced in large quantities for use in various industries, ranging from manufacturing to agriculture.

Crude Oil Refining

The industrial process of transforming crude oil into useful petroleum products such as fuel, gasoline, and diesel.