Each Working Paper Should Include Enough Information to Fulfill the Objectives

question 71

Multiple Choice

Each working paper should include enough information to fulfill the objectives for which it was designed.For example,if a working paper is designed to list the detail and show the verification of support of a balance sheet account such as prepaid insurance,it is essential that the detail on the working paper

• A)reconcile the change in costs from last year to this year.
• B)use analytical review to consider the reasonableness of the account.
• C)reconcile with the associated general ledger account.
• D)use observation to identify controls in place over the transactions.

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Definitions:

Debts Incurred

The financial obligations or liabilities accumulated over time by an individual, organization, or country as a result of borrowing money or obtaining goods and services.

Independence

The condition of a nation, country, or state which exercises self-government, and sovereignty, free from external control.

Ware v. Hylton

A 1796 U.S. Supreme Court case that determined that treaties made under the authority of the United States have precedence over state statutes.

Supreme Court

The Supreme Court is the highest federal court in the United States, having the ultimate judicial authority to interpret and decide upon constitutional issues, serving as a crucial arbiter in the American legal system.