The ASB Transaction Objective That Requires the Auditor to Establish

question 25

Multiple Choice

The ASB transaction objective that requires the auditor to establish evidence that all transactions and accounts that should be presented in the financial statements are included is?

• A) Completeness.
• B) Existence or occurrence.
• C) Rights and obligations.
• D) Valuation or allocation.

---

Definitions:

Dollar Terms

A financial expression that quantifies the cost, value, or price of something in terms of currency.

Return on Investment

A measure used to evaluate the efficiency or profitability of an investment, calculated as net profit divided by the cost of the investment.

Benefit-cost Ratio

A financial ratio used to assess the economic value of an investment, comparing the benefits received from the investment to the costs associated with it.

Equipment Downtime

The period during which machinery or equipment is not operational due to maintenance, repairs, or malfunctions.