Jocelyne Yu Is Performing Procedures and Has Decided to Vouch

question 10

Multiple Choice

Jocelyne Yu is performing procedures and has decided to vouch the balance in the fixed assets ledger of a furniture manufacturing company back to supporting documentation. She is performing a

• A) test of details.
• B) test of controls.
• C) risk assessment.
• D) none of the above

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Definitions:

Discretion

The freedom to decide what should be done in a particular situation, often referring to judgment in professional and personal contexts.

Aggregate Demand

The complete need for every product and service within an economy at a specific overall price level during a certain time frame.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing to sell at a given overall price level in a given time period.

Real GDP

The production of goods and services valued at constant prices.