Match the Test of Controls Described Below to the Appropriate

question 66

Multiple Choice

Match the test of controls described below to the appropriate assertion it is used to test.
-Trace a sample of receiving reports to their respective vendor invoices and vouchers

• A)Completeness
• B)Occurrence
• C)Accuracy
• D)Cutoff
• E)Authorization
• F)Classification

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Definitions:

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made.

Wage Increases

Adjustments made to the salary of employees, typically to account for inflation, performance, or changes in the cost of living.

Leisure

Free time available to an individual excluding time spent on work, domestic activities, and essential needs.

Labor Market

The supply of available workers in relation to available work, influenced by factors such as wages, demand, and employment laws.