Which of the Following Type of Test Is Most Important

question 24

Multiple Choice

Which of the following type of test is most important for the audit of payroll?

• A)internal control
• B)test of detail
• C)analytical review
• D)substantive test

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Definitions:

Entrepreneur's Reward

The financial gain and intangible benefits an entrepreneur receives for taking on the risks and challenges of starting and managing a new business venture.

Profits And Losses

Financial results indicating the difference between a business's revenues and its costs over a period; profits indicate revenues exceed costs, whereas losses indicate the opposite.

Scarce Resources

Natural, human, and manufactured assets available in limited quantities that are used for the production of goods and services.

Highest Valued Uses

Refers to allocating resources or goods in a manner that maximizes utility or benefits for an individual or society.