Which audit assertion relates to ensuring that all recorded sales are valid?
A)Existence.
B)Completeness.
C)Occurrence.
D)Accuracy.

Question

Quizplus · Accepted Answer

The audit assertion that relates to ensuring that all recorded sales are valid is occurrence. This assertion focuses on whether the transactions recorded in the financial statements actually occurred and relates to the assets, liabilities, revenues, and expenses of the entity. In the case of sales, this assertion is concerned with whether the recorded sales actually took place and whether the revenue recognized from those sales is accurate.

Which Audit Assertion Relates to Ensuring That All Recorded Sales