Which of the Following Is Not a Type of Audit

question 14

Multiple Choice

Which of the following is not a type of audit procedure?

• A)Analytical procedures.
• B)Scanning.
• C)Reviewing.
• D)Observation.

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Definitions:

Purchase Discount

is a reduction in the price of goods bought, usually due to early payment by the buyer to the seller.

Perpetual Inventory System

A perpetual inventory system continuously tracks inventory levels and costs, updating records with each receipt or sale of goods.

Physical Inventory

The process of counting by hand the actual inventory that a company holds in its premises, as opposed to counting based on purchase and sale records.

Cost Of Goods Sold

Expenses directly incurred from the manufacturing of a company’s goods for sale, such as materials and labor.