In the Audit of a Medium-Sized Manufacturing Concern, Which One

question 27

Multiple Choice

In the audit of a medium-sized manufacturing concern, which one of the following areas would be expected to require the least amount of audit time?

• A) Revenue.
• B) Owners' equity.
• C) Liabilities.
• D) Assets.

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Definitions:

Development

The process of growth, progress, or improvement in skills, knowledge, or infrastructure within an organization or society.

Formal Education

Structured educational experiences that occur in an institutional setting, typically leading to certification or a degree.

Business Games

Interactive simulations or activities designed to teach management, business strategies, or decision-making skills in an educational or training context.

Median

The middle value in a data set when it is ordered from smallest to largest, or the mean of the two middle numbers when the set has an even number of observations.