The "Completeness" Assertion Associated with Financial Statement Audits Is Most

question 47

Multiple Choice

The "completeness" assertion associated with financial statement audits is most closely associated with which general auditing standard?

• A) Independence.
• B) Disclosure.
• C) Consistency.
• D) Evidence.

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Definitions:

Trial Balance

An informal listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and credits.

Cost Center

A department within a company where costs can be allocated, but which does not directly generate revenue.

Administrative Department

A segment within an organization responsible for managing general operations and administrative tasks.

Profit Center

A segment or department within a business that is responsible for generating its own revenue and profits.