The Three Audit Assertions Particularly Important to Enable the Auditor

question 33

Multiple Choice

The three audit assertions particularly important to enable the auditor to conclude that there are no material misstatements in cash as at year-end are:

• A) existence, completeness and classification.
• B) rights and obligations, cut-off and occurrence.
• C) occurrence, completeness and accuracy.
• D) classification, occurrence and valuation.

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Definitions:

Single Taxpayers

Individuals who file their tax returns under the status of being unmarried without dependents.

Lifetime Learning Credit

A tax credit that helps pay for undergraduate, graduate, and professional degree courses, including courses to acquire or improve job skills.

Degree Program

A course of study at a college or university that leads to the attainment of a specific academic degree, such as a bachelor's or master's degree.

Foreign Tax Credit

A tax credit that allows taxpayers to offset income tax paid to foreign countries against their U.S. tax liability to avoid double taxation.