Martinez CPA Was Auditing His Client,Marvelous Retail Limited

question 42

Multiple Choice

Martinez CPA was auditing his client,Marvelous Retail Limited.He selected a sample of inventory items from the perpetual records and vouched all additions to receiving reports.This procedure was intended to satisfy which control objective?

• A)Authorization.
• B)Completeness.
• C)Validity.
• D)Accuracy.

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Definitions:

Priority

The established order of importance or precedence, often used in contexts where resources are limited or decisions must be made based on urgency.

Equity of Redemption

A mortgagor’s right to pay off the mortgage in full, including interest.

Mortgagor

A borrower in a mortgage agreement who uses property as security for a loan.

Mortgagee

The mortgagee is the lender in a mortgage agreement, typically a financial institution, who lends money to the borrower (mortgagor) for purchasing real estate.