Often,numerous Classes of Transactions Affect the Ending Balance of a Particular

question 58

Essay

Often,numerous classes of transactions affect the ending balance of a particular general ledger account.This is handled during the audit engagement by
A)ensuring that tests are conducted for each class of transactions.
B)obtaining a high level of assurance for at least one of the transaction types.
C)using a combination of assurance for each class of transactions and for the ending balance.
D)testing only the ending balance,as this is the significant amount on the financial statements.

• A)ensuring that tests are conducted for each class of transactions.
• B)obtaining a high level of assurance for at least one of the transaction types.
• C)using a combination of assurance for each class of transactions and for the ending balance.
• D)testing only the ending balance,as this is the significant amount on the financial statements.

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Definitions:

Unified Communication

A system that integrates multiple methods of communication, such as email, phone, and video conferencing, into a single interface.

Feedback

Information provided as a response to actions, tasks, or behavior, intended to reinforce positives or identify areas for improvement.

Outcomes

The results or consequences that follow from specific actions, processes, or decisions.

Impersonal

Lacking personal emotion, attachment, or reference to specific individuals.