Which of the Following Tests Would the Auditor Use Generalised

question 26

Multiple Choice

Which of the following tests would the auditor use generalised audit software for in order to test the completeness assertion of inventory?

• A) Identification of inventory items which haven't been sold for three months.
• B) A sequence check looking for missing purchase invoice numbers.
• C) A sequence check looking for duplicate purchase invoice numbers.
• D) Selecting items from the inventory records in order to trace back to physical inventory counts.

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Definitions:

Midpoint Formula

A method used in economics to calculate the elasticity of a demand or supply curve, representing the percentage change in quantity demanded or supplied relative to a percentage change in price.

Price Elasticity

A measure of how much the demand for a product changes in response to a change in its price.

Hamburger

A popular food item consisting of a cooked patty of ground meat, usually beef, placed inside a sliced bun.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, showing the sensitivity of consumers to price changes.