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Mastering Audit Terms: A Comprehensive Quiz

Enhance your understanding of auditing with this focused quiz on Audit Terms. Dive into key concepts and terminologies used in the field of auditing, testing your knowledge and preparing you for professional or educational...

Questions: 24 | Attempts: 10 | Last updated: Aug 4, 2025

Sample Question 1
Why do auditors record their inventory test counts in the working papers?

To document compliance with generally accepted accounting principles.

For subsequent comparison with the completed inventory listing.

For use in subsequent audits.

To document every test count.

Sample Question 2
A likely analytical procedure to test the accuracy of purchase discounts would be to compute the ratio of cash discounts earned to:

Sales discounts.

Purchases

Accounts payable.

Notes payable.

Sample Question 3
Which of the following audit procedures is least likely to detect an unrecorded liability?

Analysis and recomputation of interest expense.

Mailing of a cash confirmation form.

Analysis and recomputation of depreciation expense.

Reading of the minutes of meetings of the board of directors.

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