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Auditing & Assurance Services 7th Edition by Timothy Louwers Test bank

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AACSB: Analytic
AICPA: BB Legal
AICPA: FN Research
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-03 Describe and define the assertions that management makes about the recognition; measurement; presentation; and disclosure of the financial statements and explain why auditors use them as the focal point of the audit.
Source: Original
Topic: Management's Financial Statement Assertions
 
 
28. The audit objective that all transactions are recorded in the proper account is related most closely to which one of the ASB transaction assertions? 
 


 
A.  Occurrence
 
B.  Completeness
 
C.  Accuracy
 
D.  Classification
 
AACSB: Analytic
AICPA: BB Legal
AICPA: FN Research
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-03 Describe and define the assertions that management makes about the recognition; measurement; presentation; and disclosure of the financial statements and explain why auditors use them as the focal point of the audit.
Source: Original
Topic: Management's Financial Statement Assertions
 
 
29. The audit objective that all balances include items owned by the client is related most closely to which one of the ASB balance assertions? 
 


 
A.  Existence
 
B.  Rights and obligations
 
C.  Completeness
 
D.  Valuation
 
AACSB: Analytic
AICPA: BB Legal
AICPA: FN Research
Accessibility: Keyboard Navigation
Blooms: Remember
Difficulty: 1 Easy
Learning Objective: 01-03 Describe and define the assertions that management makes about the recognition; measurement; presentation; and disclosure of the financial statements and explain why auditors use them as the focal point of the audit.

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