The First Step in Preparing a Flowchart Is to

question 78

Multiple Choice

The first step in preparing a flowchart is to

• A) select the symbols to be used.
• B) analyze the system.
• C) sketch a rough draft of the system.
• D) consult the work papers from previous audits.

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Definitions:

Equilibrium

A state in which the conflicting forces of demand and supply are in balance. When a market is in equilibrium, the decisions of consumers and producers are brought into harmony with one another, and the quantity demanded will equal the quantity supplied.

Revenue

Aggregate income a company secures from its sales of products or rendering of services in a given period.

Excise Tax

A tax imposed on specific goods, services, or activities to raise revenue or discourage their use.

Revenue

The total income generated by a business or organization from its normal business operations.