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:

Financing Activities

Activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.

Loss on Sale

A situation where the proceeds from selling an asset are less than its book value, resulting in a financial loss for the entity.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Operating Activities

Activities related to the core business functions of a company, such as selling goods or services and managing expenses.