The Technical Process by Which an Independent Person Gathers Evidence

question 71

Multiple Choice

The technical process by which an independent person gathers evidence for determining if financial accounts conform to required accounting standards is known as

• A) standardization.
• B) an audit.
• C) reporting.
• D) a benchmark.

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Definitions:

Buyer Bears

Indicates the scenario where the buyer is responsible for any additional costs or risks associated with a transaction, such as shipping or taxes.

Seller Receives

The net amount a seller is paid after all costs, taxes, and fees have been deducted from the gross amount received from the sale of goods or services.

Tax Levied

A core financial duty or diversely defined levy enacted on a taxpayer by a government branch to facilitate the financing of government and the wide array of public sector spending.

Seller Receives

The final amount a seller gets after transaction costs, taxes, or any deductions when a good or service is sold.