Which of the Following Are Management Assertions About the Accounts

question 58

Multiple Choice

Which of the following are management assertions about the accounts in cash and investment process?

• A)existence or occurrence - for both classes of transactions and account balances
• B)completeness - for account balances
• C)valuation and allocation - for both classes of transactions and account balances
• D)rights and obligations - for both classes of transactions and account balances
• E)accuracy - for account balances

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Definitions:

Exponentially Distributed

Refers to a probability distribution used to model the time between events in a Poisson process, characterized by a constant mean rate.

Random Variable

A variable whose outcomes depend on the results of a random phenomenon, with each outcome having a probability associated with it.

Density Function

A mathematical function that describes the probability distribution of a continuous random variable, giving the likelihood of any value within a range.

Exponential Distribution

A type of continuous probability distribution that is often used to model the time between independent events that happen at a constant rate.