In Auditing the Imprest Payroll Account,which of the Following Procedures

question 21

Multiple Choice

In auditing the imprest payroll account,which of the following procedures will take the least amount of auditor time?

• A)tests of controls
• B)risk analysis and obtaining an understanding of controls
• C)analytical procedures
• D)tests of details of balances

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Definitions:

Cash Inflow

Money that enters a business, often from operations, investments, or financing activities, contributing to the company's cash balance.

Outlay

An amount of money spent on something, often as an investment or expenditure.

Cost of Capital

The rate of return that a company must pay on its investments to satisfy its investors or creditors.

Cash Flows

The movement of money into and out of a business, representing earnings and expenditures.