An Auditor Selects a Sample from the File of Shipping

question 10

Multiple Choice

An auditor selects a sample from the file of shipping documents to determine whether invoices were prepared. This test is to satisfy the audit objective of

• A) accuracy.
• B) existence.
• C) control.
• D) completeness.

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Definitions:

Specialist

A member of a stock exchange who acts as the market maker to facilitate trading of a particular stock or securities.

NYSE Hybrid Market

A market model by the New York Stock Exchange that incorporates both electronic trading and traditional floor trading to execute orders.

Dealer Market

A financial market mechanism wherein buy and sell transactions are made through a dealer, or market maker, rather than through a centralized exchange.

Auction Market

A marketplace where buyers and sellers enter competitive bids simultaneously, with the price determined through the interaction of these bids.