Test Checking refers to___________?
Correct answer: B. Checking of selected number of transactions
- A. Testing of accounts and records
- B. Checking of selected number of transactions
- C. Examination of adjusting and closing entries
- D. Checking of all transactions recorded
Explanation
Test checking means examining a representative selection of transactions rather than checking every transaction. The sample is chosen to provide reasonable audit evidence about the whole population.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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162 free Auditing MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
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Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.