When a Client Hands the Financial Statements to the Auditor,he

question 15

Multiple Choice

When a client hands the financial statements to the auditor,he makes the following assertion about the financial statements

• A)Existence or occurrence -for account balances
• B)Completeness - for both classes of transactions and account balances
• C)Valuation and allocation - for both classes of transactions and account balances
• D)Cutoff - for both classes of transactions and account balances

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Definitions:

Good

A tangible product or service that satisfies some human desire or need, which can be bought or sold.

Units

Basic quantities or measurements used as standards for expressing and comparing the quantity of physical properties.

Tax

Tax refers to a compulsory financial charge or some other type of levy imposed upon a taxpayer by a government organization in order to fund government spending and various public expenditures.

Good

An item or product that satisfies a want or need and can be transferred to others.