As an Input to the Accounting Information System, a Properly

question 69

Multiple Choice

As an input to the accounting information system, a properly completed sales invoice can help an auditor with which of the following financial statement assertions?

• A)Existence or occurrence
• B)Completeness
• C)Both existence or occurrence and completeness
• D)Neither existence or occurrence nor completeness

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Definitions:

Private Owners

Individuals or entities that hold exclusive ownership rights over assets or properties, distinguishing from public or state ownership.

Bonuses

Additional financial compensation awarded to employees on top of their regular salary based on performance or achievement.

Contribution Margin

A costing approach that evaluates the profitability of individual products or services by subtracting variable costs from sales revenue.

Salesmen

Professionals dedicated to selling goods and services, often requiring skills in persuasion, communication, and customer service.