The Key Audit Assertions When Auditing Cost of Sales and Expenses

question 2

Multiple Choice

The key audit assertions when auditing cost of sales and expenses include:

• A) cut-off.
• B) completeness.
• C) accuracy.
• D) all of the above.

---

Definitions:

Current Account

A component of a country's balance of payments that measures the trade of goods and services, plus net earnings from abroad and net transfer payments.

Capital Account

In macroeconomics and international finance, the part of the balance of payments which records all transactions made between entities in one country with entities in the rest of the world involving assets and liabilities.

Capital Accounts

Part of a nation's balance of payments that records all transactions involving the purchase and sale of assets.

Current Accounts

A component of a country’s balance of payments that includes the balance of trade, net primary income, and net earnings on foreign investments.