Which of the Following Statements Is True Regarding the Distinction

question 49

Multiple Choice

Which of the following statements is true regarding the distinction between general audit objectives and specific audit objectives for each account balance?

• A) The specific audit objectives are applicable to every account balance on the financial statements.
• B) The general audit objectives are applicable to every account balance on the financial statements.
• C) The general audit objectives are stated in terms tailored to the engagement.
• D) For any given class of transactions, usually only one audit objective must be met to conclude the transactions are properly recorded.

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Definitions:

Mathematical Difference

The result of subtracting one quantity from another.

Range

The difference between the largest and smallest values in a dataset, a measure of spread or variability.

Hypotheses

Theoretical statements set forth for experimentation that predict a possible relationship between two or more variables, which may include both null and alternative hypotheses.

Interquartile Range

A measure of statistical dispersion, equal to the difference between the upper and lower quartiles, representing the middle 50% of the data.