Cash Balance Is Important in the Audit Because Of

question 94

Multiple Choice

Cash balance is important in the audit because of:

• A) the potential for fraud.
• B) the potential for error.
• C) both A and B
• D) none of the above

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Definitions:

Limitation Period

A legally defined time within which legal action must be initiated for a claim or right to be valid.

Legislation

Laws or legal statutes passed by a governing body or legislature.

Hearing

A legal proceeding where evidence is presented and arguments are made before a decision-maker, such as a judge, without a formal jury present.

Debtor Assets

Properties or financial resources owned by an individual or entity who owes money to creditors.