| A. | Occurrence |
| B. | Completeness |
| C. | Accuracy |
| D. | Classification |
| AACSB: Analytic AICPA: BB Legal AICPA: FN Research Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard 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 |
| 33. | The engineering department at Omni Company built a piece of equipment in the company's own shop for use in the company's operations. When looking at the ending balance for the fixed asset account the auditor examined all work orders, purchased materials, labor cost reports, and applied overhead that were capitalized as part of the equipment costs. Which of the following is the ASB balance assertion most closely related to the auditor's testing?
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| AACSB: Analytic AICPA: BB Legal AICPA: FN Research Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 3 Hard 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 |
| 34. | Which of the following best describes the primary role and responsibility of independent external auditor?
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