As Part of the Audit of Sales,the Auditor Has Used

question 19

Multiple Choice

As part of the audit of sales,the auditor has used attribute sampling to select a sample of sales invoices.The auditor has examined the duplicate sales invoice to determine whether it was approved for credit.Which of the following would be termed the "attribute?" The

• A)sales invoice number.
• B)approval initials.
• C)name of the person who approves credit.
• D)absence of an authorization.

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Definitions:

Employee Discounts

Reduced prices offered to employees by their employer as a part of their employment benefits or incentives.

Periodic Inventory System

An inventory accounting system where updates to inventory records are made on a periodic basis, not continuously.

Physical Inventory

A process of counting and verifying the actual inventory on hand at a business location, typically performed at the end of an accounting period.

Merchandise Purchases

Transactions involved in buying goods for resale in the normal course of business, typically constituting a significant expense for retail companies.