The Occurrence Assertion for Sales Relates to Which of the Following

question 3

Multiple Choice

The occurrence assertion for sales relates to which of the following audit objectives?

• A) Sales and other revenues are properly classified, described and disclosed in the financial statements.
• B) Sales and other revenues are stated in the profit and loss at the appropriate amounts.
• C) All sales and other revenues that accrued to the entity during the period are included in the income statement.
• D) All sales included in the income statement represent the exchange of goods or services with customers during the period.

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Definitions:

Hypochondriasis

A disorder in which people mistakenly fear that minor changes in their physical functioning indicate a serious disease. Now known as illness anxiety disorder.

Sentence-Completion Test

A psychological assessment tool in which participants complete sentences with the first thought that comes to mind, used to explore their attitudes, beliefs, and personality characteristics.

Personality Inventories

Standardized assessments designed to measure aspects of an individual's personality traits and characteristics.

Projective Tests

Psychological assessment tools designed to reveal hidden emotions and internal conflicts via responses to ambiguous stimuli.