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:

Inspection

The act of examining something or someone closely to ensure they meet specified standards.

Special Meeting

A gathering called for a specific purpose, outside of regular or scheduled meetings, often requiring a certain protocol for notification and agenda.

Shares Entitled

The rights or benefits, such as dividends or voting, that come with the ownership of shares in a corporation.

Vote

The act of expressing a choice or preference in a decision-making process, especially in elections or organizational ballots.