For Purposes of an Audit of Financial Statements,electronic Confirmation of Cash

question 48

Multiple Choice

For purposes of an audit of financial statements,electronic confirmation of cash balances:

• A)Is acceptable when properly controlled.
• B)Is acceptable,but only when combined with a non-electronic approach.
• C)Is only acceptable for immaterial accounts.
• D)Is not acceptable.

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Definitions:

Stanford-Binet

An intelligence test that measures five factors of cognitive ability: Fluid Reasoning, Knowledge, Quantitative Reasoning, Visual-Spatial Processing, and Working Memory.

WAIS

The Wechsler Adult Intelligence Scale, a widely used test designed to measure a person's intellectual ability.

WISC

The Wechsler Intelligence Scale for Children, a psychological test that measures a child's intellectual and cognitive ability.

Raven's Progressive Matrices

A measure of non-verbal abstract reasoning, consisting of visual puzzles that progressively increase in complexity.