According to PCAOB Auditing Standard No

question 45

Multiple Choice

According to PCAOB Auditing Standard No.5 (AS 5) ,the auditor should identify significant accounts and disclosures and their relevant assertions.Which of the following financial statement assertions is not explicitly identified in AS 5?

• A) Completeness
• B) Valuation or Allocation
• C) Accuracy
• D) Existence or Occurrence
• E) All of these are assertions identified in AS 5.

Comprehend the importance of board and shareholder approvals for significant corporate actions, including asset mortgages and pledges.

Grasp the legal consequences and responsibilities of corporations that undergo fundamental changes such as mergers, consolidations, and dissolutions.

Recognize the rights and remedies available to dissenting shareholders in mergers and other fundamental corporate changes.

Understand the legal liabilities of corporations in the context of product liability and asset acquisitions.

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Definitions:

Bicarbonate Ion

A negatively charged ion (HCO3-) that is a significant component of the blood buffer system, regulating pH balance.

Fetal Hemoglobin

A type of hemoglobin that is present in fetuses and newborn babies, offering higher oxygen affinity than adult hemoglobin.

Maternal Hemoglobin

The oxygen-carrying protein found in the red blood cells of a pregnant woman, crucial for both maternal and fetal health.

Oxygenation

The process of adding oxygen to the body’s tissues, essential for cellular metabolism and energy production.