The Account Balance Audit Objective, "Accounts Receivable Presents Gross Claims

question 58

Multiple Choice

The account balance audit objective, "Accounts receivable presents gross claims on customers at balance date and agree with the sum of the accounts receivable subsidiary ledger", is derived from the assertion category of

• A) existence or occurrence.
• B) completeness.
• C) rights and obligations.
• D) accuracy, valuation, and allocation.

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Definitions:

Point A

A specific location or position in any defined space or context, often used in diagrams to represent particular points in economic models or graphs.

Point B

Often used in graphs or models to denote a specific location, point, or situation being analyzed or referenced.

Opportunity Cost

The cost of missing out on the next best alternative when making a decision.

Point A

Typically used as a reference point in diagrams or illustrations in economics or geometry.