Observation Is an Important Audit Technique Where the Auditor Can

question 47

Multiple Choice

Observation is an important audit technique where the auditor can use sight,hearing,touch,and smell.Observation needs to be used together with other audit techniques because

• A)employees will often perform their procedures consistently over time.
• B)it is a high-cost technique that is rarely used by auditors.
• C)it is a point-in-time technique limited to the time of the observation.
• D)auditors may not accurately observe and interpret what is happening.

Understand the biological and genetic factors contributing to mood disorders.

Recognize the difference between suicide attempts and completions between genders.

Describe the criteria used to determine abnormal behavior.

Understand the concept and importance of concordance rates in genetic studies of schizophrenia.

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Definitions:

Net Book Value

The value of an asset after subtracting accumulated depreciation from its original cost, synonymous with carrying value but rephrased for clear understanding.

Discontinued Item

Pertains to the gains or losses from operations of a component of a business that has been disposed of or is held for sale.

Intangibles

Assets that do not have physical form, such as patents, trademarks, and goodwill, but are valuable to a business.

Amortized Cost

The accounting method that gradually reduces the book value of an intangible or tangible asset through periodic charges to income.