Opal Has Performed an Audit and Has Various Documents That

question 5

Multiple Choice

Opal has performed an audit and has various documents that she used to complete the audit including notes, copies, calculations, and memorandums. These documents would be known as:

• A) accounting documents.
• B) working papers.
• C) audit portfolio.
• D) audit memoranda.
• E) client portfolio.

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Definitions:

Allocate

To allocate means to distribute resources or duties for a specific purpose or to particular entities.

Distribute

To share or spread something, especially resources or goods, among a group of people or over an area.

Apply

To make use of or put into effect; in accounting, it may refer to applying principles or policies.

Market Value

The current price at which an asset or service can be bought or sold in an open market.