Oliver DiPietro Was Testing the Controls of Blue Coast Wholesale

question 43

Multiple Choice

Oliver DiPietro was testing the controls of Blue Coast Wholesale Fish Market. When testing controls, which one of the following evidence gathering procedures is used?

• A) vouching of transactions
• B) confirmations of accounts receivable
• C) tracing of transactions to source documents
• D) enquiry of client personnel

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Definitions:

Technology

The application of scientific knowledge for practical purposes, especially in industry and the creation of tools, machines, and software to solve problems or improve existing solutions.

Avoid Duplicating

involves taking measures to prevent repetition or copying in processes, information, or products to ensure uniqueness and efficiency.

Corporate Credit Ratings

Assessments made by credit rating agencies that evaluate a corporation's ability to repay its debts.

Goodwill

Represents the intangible asset that arises when a company acquires another company for a price higher than the fair market value of its net assets, often related to the brand, customer base, and reputation.