Multiple Choice
When auditing prepaid insurance,
A) for many audits, significant substantive procedures are needed if the control risk is low.
B) companies often have a standard monthly journal entry to reclassify prepaid insurance as insurance expense.
C) the emphasis in the tests of details of balances is on insurance expense.
D) the auditor must prepare the insurance register.
Correct Answer:
Verified
Correct Answer:
Verified
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