The Audit Can Be Divided into Transaction Cycles

question 44

Multiple Choice

The audit can be divided into transaction cycles. Which of the following is NOT one of the transaction cycles?

• A) Acquisition and payment cycle
• B) Sales and collection cycle
• C) Sales and payment cycle
• D) Payroll and personnel cycle

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Definitions:

Unenforceable

Refers to a contract or clause that, due to legal deficiencies or fairness issues, cannot be compelled or enforced by law.

Annullable

Refers to something that can be declared void or invalid, usually in a legal context.

Unintentional

An action or outcome that occurs without a deliberate plan or purpose.

Materially False

Statements or representations that are significantly untrue or misleading, often in a legal or financial context.