Audit Documentation Does Not Normally Include The

question 44

Multiple Choice

Audit documentation does not normally include the:

• A)specific assertions under audit.
• B)industry accounting guides.
• C)record of the procedures performed.
• D)decisions made in the course of the audit.

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Definitions:

Net Domestic Product

The sum of the market value of all domestically produced goods and services in a country during a given time period, subtracting the loss in value from depreciation.

Indirect Business Taxes

Taxes levied on the production, sale, or consumption of goods and services, such as sales tax or value-added tax (VAT), indirectly paid by consumers.

Direct Taxes

Taxes that are levied directly on the income or wealth of an individual or organization, such as income tax and property tax.

Per Capita Real GDP

This is a measure of the average economic output per person, adjusted for inflation, in a specific area.