Auditors General Are Responsible for Auditing Which Types of Organizations

question 36

Multiple Choice

Auditors General are responsible for auditing which types of organizations?

• A) public companies with shares issued to investors
• B) private companies that have loans outstanding to banks or other creditors
• C) ministries, departments, agencies, and crown corporations
• D) any organization that submits tax returns to the tax authorities

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Definitions:

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal.

General Ledger

A comprehensive record of all financial transactions that occur within a business, sorted by account.

T-account

A graphical representation of a ledger account that outlines the effects of transactions on a specific account, used in double-entry bookkeeping.

Transactions

Financial interactions or exchanges between two or more parties, often involving the transfer of goods, services, or funds.