The Audit Objective Related to Existence Is to Obtain Evidence

question 5

True/False

The audit objective related to existence is to obtain evidence that the asset,liability or equity exists physically or legally.

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Definitions:

SUVs

Sport Utility Vehicles, a category of motor vehicles that combine elements of road-going passenger cars with features from off-road vehicles, like increased ground clearance and all-wheel drive.

Excise Tax

A tax charged on specific goods, services, and activities, often included in the price of the product.

Buyers

Individuals or entities that acquire goods or services in exchange for monetary payment.

Sellers

Individuals or entities that offer goods or services for sale in the marketplace.