The Primary Emphasis by Auditors Is on Controls Over

question 22

Multiple Choice

The primary emphasis by auditors is on controls over

• A) classes of transactions.
• B) account balances.
• C) both A and B, because they are equally important.
• D) both A and B, because they vary from client to client.

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Definitions:

Government Budget

An itemized forecast of an entity's income and expenses over a specified future time period, utilized by governments to plan and control spending.

Government Borrowing

The process by which the government finances its expenditures by issuing debt, typically through the sale of securities like bonds.

Independent

Not being influenced or controlled by others; having the freedom to think, act, and make decisions by oneself.

Real GDP

The measure of a country's economic output adjusted for price changes, reflecting the real quantity of goods and services produced.