Which of the Following Is Not One of the Three

question 45

Multiple Choice

Which of the following is not one of the three elements of the U.S.Auditing Standards AU Section 150?

• A)General Standards
• B)Reporting Standards
• C)Standards of Fieldwork
• D)Examination Standards

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Definitions:

Excel Spreadsheet

A digital worksheet or grid in Microsoft Excel, where users can organize data, perform calculations, and analyze information.

Clearing Account

An account used to temporarily hold transactions in progress or to reconcile discrepancies before the amounts are posted to the correct accounts.

Materials Quantity Variance

The difference between the actual amount of materials used in production and the expected amount, which can indicate efficiency or procurement issues.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period, used as a benchmark to control costs.