Vouching Is Used Primarily to Test Which of the Following

question 55

Multiple Choice

Vouching is used primarily to test which of the following assertions about classes of transaction?

• A)Occurrence.
• B)Completeness.
• C)Authorisation.
• D)Classification.

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Definitions:

Uncollectible Account Receivable

An uncollectible account receivable is a debt owed to a company that it is unable to collect, typically leading to its classification as a bad debt expense.

Write Off

The accounting action of declaring that an asset is no longer collectible and recording its worth as zero, resulting in it being expensed.

Sales Revenue

The income received by a company from selling goods or services before any costs or expenses are subtracted.

Credit

The trust which allows one party to provide resources to another party wherein the second party does not reimburse the first party immediately but promises either to repay or return those resources at a later date.