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

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Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows, given a specified rate of return. Present value considers the time value of money.

Discounted Future

Refers to the process of estimating the present value of an expected future cash flow by applying a discount rate to account for the time value of money.

Australian Accounting Standards

Rules and guidelines set by the Australian Accounting Standards Board (AASB) that govern how financial reporting is conducted in Australia.

IASB

Stands for International Accounting Standards Board, responsible for developing International Financial Reporting Standards (IFRS).