Auditors Are Normally More Concerned About Violations of the Completeness

question 73

True/False

Auditors are normally more concerned about violations of the completeness objective for acquisitions than about violations of the occurrence objective for acquisitions.

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Definitions:

Real Property

Land and anything permanently affixed to it, such as buildings, fences, and those things attached to the buildings.

Consideration

Consideration in law refers to something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Gift

A voluntary transfer of property made without consideration, past or present.

Accession

The act of acquiring or adding something, especially to property or land, through natural means or as a result of the owner's actions.