Even Though the Quantity,type,and Content of Working Papers Will Vary,the

question 80

Multiple Choice

Even though the quantity,type,and content of working papers will vary,the working papers generally would include:

• A)Copies of those client records examined by the auditor during the course of the engagement.
• B)An evaluation of the efficiency and competence of the audit staff assistants by the partner responsible for the audit.
• C)Auditor's comments concerning the efficiency and competence of client management personnel.
• D)Auditing procedures followed and the testing performed in obtaining audit evidence.

---

Definitions:

Inventory Shrinkage

The loss of products between purchase from a supplier and sale to customers, often due to theft, damage, or errors.

Multiple-Step Income Statement

An income statement that separates operating items from non-operating items and calculates net income in several steps or stages.

Trade Discount

A reduction in the list price granted by a seller to a buyer, usually based on volume purchased or to maintain a business relationship.

Selling Expenses

Costs incurred directly and indirectly from the sale of goods or services, such as advertising, shipping, and sales staff salaries.