Often,numerous Classes of Transactions Affect the Ending Balance of a Particular

question 58

Essay

Often,numerous classes of transactions affect the ending balance of a particular general ledger account.This is handled during the audit engagement by
A)ensuring that tests are conducted for each class of transactions.
B)obtaining a high level of assurance for at least one of the transaction types.
C)using a combination of assurance for each class of transactions and for the ending balance.
D)testing only the ending balance,as this is the significant amount on the financial statements.

• A)ensuring that tests are conducted for each class of transactions.
• B)obtaining a high level of assurance for at least one of the transaction types.
• C)using a combination of assurance for each class of transactions and for the ending balance.
• D)testing only the ending balance,as this is the significant amount on the financial statements.

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Definitions:

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