Vouching of Transactions Deals with Which of the Following

question 12

Multiple Choice

Vouching of transactions deals with which of the following?

• A)Testing forward.
• B)Testing backward.
• C)Testing at a point in time.
• D)Directional testing either forward or backward.

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Definitions:

External Users

Individuals or entities outside of a company who use its financial information, typically for analysis, investment, or regulatory purposes.

Sole Owner

An individual who exclusively owns a business, bearing all the risks and entitled to all the profits.

Personal Automobile

A privately owned vehicle used for personal transportation, not for business or commercial purposes.

Business Entity Concept

The accounting principle that separates the transactions of a business from those of its owners or other businesses.