Which ASB Balance Assertion Is of the Most Importance to Auditors

question 54

Multiple Choice

Which ASB balance assertion is of the most importance to auditors for long-term liabilities?

• A)Existence
• B)Completeness
• C)Rights and obligations
• D)Valuation

---

Definitions:

Genetically Identical

Having the same genetic material or DNA sequence. In biology, this usually refers to organisms or cells produced through processes such as cloning.

Plant Cells

Cells that make up plant tissues, distinguished by their rigid cell walls, chloroplasts for photosynthesis, and large central vacuole.

Lignin

An organic substance binding the cells, fibers, and vessels of wood and plants, contributing to the stiffness and strength of the cell wall.

Polymer

Large molecules composed of many repeated subunits, known for their broad range of properties and uses in natural and synthetic materials.