Which of the Following Tests of Controls Is Least Useful

question 15

Multiple Choice

Which of the following tests of controls is least useful in assessing the transaction-related audit objective related to occurrence?

• A) Examine documents in voucher package for occurrence.
• B) Examine supporting documents for indication of approval.
• C) Account for sequence of vouchers.
• D) Attempt to input transactions with valid and invalid vendors.

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to trade benefits.

Terms Of Trade

The ratio of a country's export prices to its import prices, affecting the volume of goods a country can import for a given level of exports.

Exchange Rate

The value of one currency expressed in terms of another, determining how much of one currency can be exchanged for another.

Leading Import

The most significant or highest-valued good or service that a country imports from another country.