In Order for an Audit / Evaluation Team to Be

question 23

Multiple Choice

In order for an audit / evaluation team to be conducted with skill and precision,all of the following conditions must be met,EXCEPT __________.

• A)proper selection of the team
• B)setting a schedule convenient for the auditors
• C)accessibility of all records and files
• D)preservation of free contact with the project members

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Definitions:

Expense Account

An account used to track expenditures or costs incurred by a business or an individual for operational purposes.

Asset Account

An account that tracks resources owned or controlled by a business or individual which have economic value.

Unearned Items

Income received for goods not yet delivered or services not yet provided, considered a liability until the goods or services are delivered.

Adjusting Journal Entry

Adjusting journal entries are made in the accounting records to correct or allocate transactions in the appropriate accounting period for accurate financial reporting.