The Procedure That Relies on the Auditor Testing the Physical

question 84

Multiple Choice

The procedure that relies on the auditor testing the physical evidence to verify that a control has been performed properly _______.

• A)is referred to as reperformance
• B)is referred to as recalculation
• C)is known as inspection of physical evidence
• D)is known as inspection of computer systems

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Definitions:

Equilibrium Level

The state at which market supply and demand balance each other, and as a result, prices become stable.

Foreign-Currency Exchange

The marketplace where currencies are traded and their exchange rates are determined.

Net Capital Outflow

The distinction in investment behaviors where local residents invest in foreign properties versus foreigners investing in local properties.

Open-Economy Macroeconomic Model

A model that analyzes an economy that engages in international exchange of goods, services, and capital.