Tests of Controls Do Not Include Which of the Following

question 33

Multiple Choice

Tests of controls do not include which of the following auditing techniques?

• A) re-performance
• B) confirmation
• C) enquiry
• D) observation

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Definitions:

Stockholders' Equity

Ownership equity represented by the leftover interest in a corporation's assets once its liabilities have been subtracted.

Account Receivable

Represents money owed to a business by its customers for goods or services delivered but not yet paid for.

Total Liabilities

Total Liabilities represent the sum of all financial obligations a company owes to outside parties, including loans, accounts payable, and mortgages.

Note Payable

A financial obligation or loan evidenced by a written promise to pay a specific amount on a future date or over a certain period.