Continuous Auditing Looks At

question 21

Multiple Choice

Continuous auditing looks at:

• A)the output rather than the process
• B)the process rather than the output
• C)the process and the output
• D)the outputs from XBRL tagged accounts

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Definitions:

Gross Margin

The difference between sales revenue and the cost of goods sold, expressed as a percentage of sales revenue.

Variable Cost

Charges that fluctuate in accordance with the degree of business operations or output levels.

Cost of Goods Sold

The immediate outlays necessary for the crafting of goods a business sells, involving materials and labor.

Variable Selling Expenses

Selling expenses that fluctuate with sales volume, such as commissions and shipping fees.