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:

Supply and Demand

Fundamental economic concepts that describe how the quantity of a good or service provided by producers and the quantity desired by consumers affect its price.

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price.

Simultaneously Increases

Occurring when two or more variables or conditions rise at the same time.

Supply Decreases

A situation where the quantity of a good or service that producers are willing to sell at a given price falls, often due to increased production costs or external factors.