This Is Your First Audit of XYZ Ltd

question 44

Multiple Choice

This is your first audit of XYZ Ltd. During the initial planning you have discovered that the client lacks receiving reports and a policy as to the timing within which to record purchases. You have also observed that there are many adjusting entries to accounts payable, which is a material balance. The audit assertion most at risk when auditing accounts payable is:

• A) existence.
• B) valuation and allocation.
• C) completeness.
• D) rights and obligations.

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Definitions:

Icon Paintings

Religious works of art, particularly in Eastern Orthodox Christianity, representing sacred figures and scenes with deep spiritual significance.

Roman Wall Painting

The style and technique of painting that adorned the walls of ancient Roman buildings, known for its vivid colors and elaborate scenes.

Origin

In the context of art and architecture, it refers to the beginning or source of a particular style, movement, or the conceptual genesis of a work.

Life of Christ

Refers to the narrative and teachings of Jesus Christ, as chronicled in the Christian Gospels and other religious texts.