Which One of the Following Audit Tests Is Usually the LEAST

question 52

Multiple Choice

Which one of the following audit tests is usually the LEAST costly to perform?

• A) analytical procedures
• B) tests of balances
• C) tests of controls
• D) substantive tests of transactions

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Definitions:

Test Statistic

In hypothesis testing, the test statistic is a standardized value derived from sample data, used to make a decision about the null hypothesis.

SPSS Output

The results generated by the Statistical Package for the Social Sciences, including statistical tests, tables, and graphs, after data analysis.

Test Statistic

A calculated value from sample data that is used in statistical testing to decide whether to reject the null hypothesis within the framework of a hypothesis test.

P-value

A statistical measure that indicates the probability of observing the test results, or something more extreme, if the null hypothesis is true.