Data Corporation Has Just Completely Computerised Its Billing and Accounts

question 77

Multiple Choice

Data Corporation has just completely computerised its billing and accounts receivable record-keeping.Your firm has recently acquired IDEA software, and you want to make maximum use of the computer in your audit of Data Corporation.Which of the following audit techniques could NOT be performed using generalised audit software?

• A) comparing data on separate files
• B) selecting a sample of accounts to be confirmed and printing confirmation requests
• C) resolving differences reported by customers on confirmation requests
• D) examining records for quality, completeness, consistency, and correctness

Identify the role of substitutes and complements on market dynamics.

Comprehend the effect of income changes on demand for normal and inferior goods.

Understand the implications of input cost changes on supply.

Recognize the concept of market equilibrium and the forces that lead to its change.

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Definitions:

Compounded Monthly

The process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.

Mortgage

A legal agreement by which a bank or creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Balance of Loan

The remaining amount owed on a debt after periodic repayments have been made.

Financing

The process of providing funds for business activities, making purchases, or investing, through various means such as loans, credit, or investment.