Which of These Is Not a Specific Audit Objective for Sales

question 51

Multiple Choice

Which of these is not a specific audit objective for sales and receivables?

• A) existence or occurrence
• B) completeness
• C) representation
• D) presentation

---

Definitions:

Present Value

Present value is a financial concept that describes the value of an expected income stream determined as of the date of valuation.

Lease Payments

Regular payments made by a lessee to a lessor in exchange for the right to use an asset, such as real estate or equipment.

Bonds Payable

Long-term liabilities representing money owed by an entity to bondholders, to be paid back at a specified future date with interest.

General Journal Entry

A record of financial transactions in the general journal that includes the date, accounts affected, amounts, and a brief description.