Which One of the Following Is Not One of the Primary

question 57

Multiple Choice

Which one of the following is not one of the primary purposes of audit documentation prepared by the audit team?

• A) A basis for planning the audit.
• B) A record of the evidence accumulated and the results of the tests.
• C) A basis for review by supervisors and partners.
• D) A basis for determining work deficiencies by peer review teams.

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Definitions:

Quantity Tax

A tax levied on the quantity of goods sold, not on the value of sales.

Supply Schedule

A table or graph showing the quantity of a good that producers are willing and able to supply at different prices.

Tax Rate

The rate at which taxes are levied on an individual or a company's income.

Supply Elasticity

A measure of how much the quantity supplied of a good responds to a change in price, indicating the good's price sensitivity on the supply side.