The Audit Procedure Which Requires the Auditor to Record the Last

question 43

Multiple Choice

The audit procedure which requires the auditor to record the last cheque number used on the last day of the year and subsequently trace to the outstanding cheques and the cash payments journal is performed to satisfy which audit objective?

• A) cutoff
• B) detail tie-in
• C) existence
• D) completeness

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Definitions:

Inequalities of Wealth

Disparities in the distribution of assets and wealth across individuals or groups within a society.

Contractually Bound

Obligated by a contract to act in accordance with its terms.

Kinship Network

A web of social relationships that form an important part of the social structure in many societies, emphasizing blood ties and marital connections.

Social Institution

A complex, integrated set of norms and structures that dictate how individuals in a society interact and organize around fundamental needs and purposes, like family, education, and religion.