Which of the Following Statements Is True Regarding the Distinction

question 1

Multiple Choice

Which of the following statements is True regarding the distinction between general audit objectives and specific audit objectives for each class of transactions?

• A)The specific audit objectives are applicable to every class of transactions.
• B)The general audit objectives are applicable to every class of transactions.
• C)Once the specific transaction-related audit objectives are established,they can be used to develop the general transaction-related objectives.
• D)For any given class of transactions,usually only one audit objective must be met to conclude the transactions are properly recorded.

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Definitions:

Level Of Significance

A predetermined threshold of probability below which the null hypothesis is rejected in hypothesis testing, typically set at 0.05 (5%).

Null Hypothesis

A hypothesis stating there is no significant difference or effect, or a specified parameter equals a certain value, in the population being studied.

Critical Value(s)

Threshold(s) in hypothesis testing that define the boundary or boundaries for rejecting the null hypothesis.

Null Hypothesis

A statement in hypothesis testing that there is no significant difference or effect, serving as the default assumption to be tested against.