In a Test of Controls,auditors May Trace Receiving Reports to Vouchers

question 88

Multiple Choice

In a test of controls,auditors may trace receiving reports to vouchers recorded in the voucher register.This is a test for

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

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Definitions:

Fiscal Policy

Economic strategies involving tax and expenditure decisions by the government to affect the national economy.

Deflationary Gap

A situation in which the total spending in an economy is lower than the necessary amount to achieve full employment or potential output.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country over a specified period.

MPC

The marginal propensity to consume, which measures the portion of additional income that an individual spends on consumption instead of saving.