The Three Categories of Government Auditing Standards Are

question 57

Multiple Choice

The three categories of government auditing standards are

• A) General, field work, and control standards.
• B) General, independence, and reporting standards.
• C) General, field work, and reporting standards.
• D) General, compliance, and documentation standards.

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Definitions:

Inventory on Hand

The total quantity of goods and materials held in stock by a business at any given time.

Ties up Funds

The process of allocating capital to long-term assets or investments, which restricts its immediate availability for other uses.

Safeguard Assets

Strategies and measures implemented to protect a company's assets from theft, damage, or misuse.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency in managing stock levels.