The Overall Objectives of the Audit Test Must Be Stated

question 69

Multiple Choice

The overall objectives of the audit test must be stated in terms of the

• A)anticipated results.
• B)transaction cycle being tested.
• C)risks addressed and the transaction cycle being tested.
• D)risk addressed and the anticipated results.

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Definitions:

External Funding Requirements

The amount of money a business needs to raise from outside sources to finance its operations and growth.

Accruals

Accounting adjustments for revenues and expenses that have been earned or incurred but not yet recorded in the accounts, to reflect the real-time financial performance.

Dividends Paid

The portion of a company's earnings that is distributed to shareholders as a payment.

Strategic Planning

A process by which organizations define their strategy or direction and make decisions on allocating their resources to pursue this strategy.