Which Are the Two Audit Assertions Considered Most Important to the Auditor

question 3

Multiple Choice

Which are the two audit assertions considered most important to the auditor concluding there are no material misstatements in trade receivables at year-end?

• A)Occurrence and rights and obligations
• B)Valuation and allocation,and rights and obligations
• C)Existence and occurrence
• D)Existence and valuation and allocation

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Definitions:

Immigration

Or in-migration, is the inflow of people into one country from one or more other countries and their settlement in the destination country.

Overpopulation

A condition where the number of individuals exceeds the carrying capacity of their habitat, leading to environmental and social issues.

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary, known for his theories about capitalism and communism.

Demographic Transition Theory

A theory that describes the transition from high birth and death rates to lower birth and death rates as a country develops from a pre-industrial to an industrialized economic system.