Which of the Following Tests or Procedures Are Primarily Focused

question 3

Multiple Choice

Which of the following tests or procedures are primarily focused on the completeness, existence, and valuation assertions?

• A)Vouching payroll transactions to supporting documentation
• B)Recalculating accrued payroll liabilities at year-end to underlying payroll records
• C)Reviewing activity in payroll accounts and investigate entries that appear unusual
• D)None of the answer choices is correct.

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Definitions:

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment, emphasizing logic, rationality, and skepticism.

Preattention

A cognitive process allowing the brain to focus on relevant stimuli while ignoring irrelevant information.

Base-Rate Information

Fundamental statistics or probabilities that are used for reference or as a baseline in decision-making processes.

Representativeness Heuristic

A mental shortcut that involves making judgments based on how much one thing resembles another, which can lead to biases in decision making.