Jones Was Engaged to Examine the Financial Statements of Virginia

question 59

Multiple Choice

Jones was engaged to examine the financial statements of Virginia Corporation for the year ended June 30. Having completed an examination of the investment securities, which of the following is the best method of verifying the accuracy of recorded dividend income?

• A)Tracing recorded dividend income to cash receipts records and validated deposit slips.
• B)Utilizing analytical procedures and statistical sampling.
• C)Comparing recorded dividends with amounts appearing on federal information forms 1099.
• D)Comparing recorded dividends with a standard financial reporting service's record of dividends.

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Definitions:

Eating

The act of consuming food in order to provide nutritional support to the body.

Abraham Maslow

A renowned American psychologist who developed the hierarchy of needs theory, which suggests psychological well-being is based on meeting basic human needs.

Hierarchy

Hierarchy is a system or organization in which people or groups are ranked one above the other according to status or authority.

Needs

Fundamental requirements that individuals must fulfill to achieve basic physiological and psychological well-being.