The Audit Can Be Divided into Transaction Cycles

question 81

Multiple Choice

The audit can be divided into transaction cycles.Which of the following is NOT one of the transaction cycles?

• A) payroll and personnel cycle
• B) sales and payment cycle
• C) sales and collection cycle
• D) acquisition and payment cycle

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Definitions:

Revocation

The calling back of an offer by the offeror.

Real Property

Land and anything permanently attached to it, such as buildings and structures.

Offeror

In contract law, the person who makes the offer.

Counteroffer

A response to an offer in which the original conditions are rejected and replaced with new terms by the party receiving the initial offer.