Correct Answer:
B. All transactions and balances that should have been recorded have been recorded
Completeness concerns omissions, i.e. understatement.
November 13, 2026 · Accounting and Finance MCQs, Auditing MCQs
The management assertion of completeness means that:
Related MCQs
A Medium Term Budgetary Framework (MTBF) is:
A.
A multi-year (usually three-year) expenditure planning framework
B.
A monthly cash plan
C.
A tax collection target
D.
A foreign loan agreement
Correct answer is:
A. A multi-year (usually three-year) expenditure planning framework
Do you agree with this answer?
The Mexico Declaration on SAI Independence emphasizes:
A.
Independence of central banks
B.
Independence of courts only
C.
Independence of political parties
D.
Independence of Supreme Audit Institutions
Correct answer is:
D. Independence of Supreme Audit Institutions
Do you agree with this answer?
The Supreme Audit Institution (SAI) of Pakistan is:
A.
The Securities and Exchange Commission of Pakistan
B.
The Federal Board of Revenue
C.
The Auditor-General of Pakistan
D.
The State Bank of Pakistan
Correct answer is:
C. The Auditor-General of Pakistan
Do you agree with this answer?
Normal loss in a process is:
A.
A loss caused by negligence charged to profit and loss
B.
A gain from efficient production
C.
An expected and unavoidable loss that is absorbed by the good units
D.
A sunk cost
Correct answer is:
C. An expected and unavoidable loss that is absorbed by the good units
Do you agree with this answer?
EBIT is Rs. 300,000 and interest expense is Rs. 60,000. The times interest earned ratio is:
A.
0.2 times
B.
4 times
C.
6 times
D.
5 times
Correct answer is:
D. 5 times
Do you agree with this answer?
Tracing from source documents (e.g. goods received notes) to the accounting records mainly tests:
A.
Occurrence
B.
Rights and obligations
C.
Presentation
D.
Completeness
Correct answer is:
D. Completeness
Do you agree with this answer?
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