When Comparing Prices and Terms on a Sample of Sales

question 37

Multiple Choice

When comparing prices and terms on a sample of sales invoices with the authorized price list and terms of trade, the auditor is testing the ________ assertion.

• A)cutoff
• B)authorization and accuracy
• C)occurrence
• D)completeness

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Definitions:

Big-box Food Retailers

Large retail stores, typically part of a chain, that specialize in selling food and grocery items in bulk quantities.

Brand Equity

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.

Merchandise

Goods that are bought and sold in business; the commodities or products available in the market.

Atmospherics

The use of space, color, lighting, scents, and sounds within a retailer's environment to influence the perception and behavior of customers.