This Is Your First Audit of Storm Ltd

question 18

Multiple Choice

This is your first audit of Storm 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.

---

Definitions:

Historical Schools

Intellectual groups or movements in history that have had a significant impact on teaching and learning in their time and have contributed to the evolution of educational thought and practice.

Structuralism

A theory of consciousness developed by Wilhelm Wundt and his student Edward Bradford Titchener, focusing on breaking down mental processes into the most basic components.

Stream Of Consciousness

A narrative mode or method that attempts to capture the flow of thoughts and feelings that pass through the mind.

William James

A pioneering American psychologist and philosopher, known for his contributions to pragmatism and functional psychology.