Which of These Is Not a Substantive Procedure

question 9

Multiple Choice

Which of these is not a substantive procedure?

• A) tests of controls.
• B) analytical procedures.
• C) tests of details of transactions.
• D) all are substantive procedures

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Definitions:

Cash Discount

A deduction from the invoice price offered by a seller to encourage prompt payment by the buyer.

Payment Terms

The conditions under which a seller will complete a sale, typically specifying the period allowed to a buyer to pay off the amount due.

Invoice

A document issued by a seller to a buyer indicating the products or services provided, their quantities, and the agreed prices for products or services the seller has provided but not yet been paid for.

Debt

Money owed by one party to another.