Which One of the Following Is NOT a Direct Outcome

question 57

Multiple Choice

Which one of the following is NOT a direct outcome of performing analytical procedures?

• A) Understand the client's business.
• B) Reduce detailed audit tests.
• C) Assess the entity's ability to continue as a going concern.
• D) Identify specific errors in the accounts.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the good's necessity or luxury status.

Excise Tax

A tax applied specifically on the sale of certain goods, services, or activities, which is often included in the price of the product.

Elasticity of Labor Supply

The responsiveness of the quantity of labor that workers are willing and able to provide to a change in the wage rate.

Wages

Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.