When Determining Sample Sizes for Accounts Payable Tests

question 131

Multiple Choice

When determining sample sizes for accounts payable tests,

• A) sample sizes rarely vary from audit to audit.
• B) auditors must try to ensure that the population includes all potential payables.
• C) defining the population is a simple procedure.
• D) all of the above are correct.

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Definitions:

Banks

Financial institutions licensed to receive deposits and make loans, offering various other services like wealth management, currency exchange, and safe deposit boxes.

Transactions

In computing and databases, a series of operations performed as a single logical unit of work, often required to be atomic, consistent, isolated, and durable (ACID).

Capillaries

The smallest blood vessels in the body's circulatory system, connecting arterioles and venules, where gas, nutrient, and waste exchange occur.

Alveoli

Tiny air sacs in the lungs where the exchange of oxygen and carbon dioxide takes place.