The idea of the cycle approach is to group accounts together by: Multiple Choice financial statement...
The idea of the cycle approach is to group accounts together by:
Multiple Choice
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financial statement assertion.
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specific function.
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transactions that affect all accounts in that particular group.
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audit objective.
Homework Answers
The idea of the cycle approach is to group the accounts together by transactions that affect all accounts in that particular group. This helps the auditors to ensure that the financial statements are accurate and free of errors either due to fraud or error. The cycle approach is a method of dividing the audit such that the closely related types of transactions and account balances are included in the same cycle.
Hence, option C us the correct answer.
SUMMARY:
The idea of cycle approach is to group the accounts together by transactions that affect all accounts in the particular group. For example, sales, sales returns, accounts receivable and collection forms a single group. So that the team can be divided and each team can easily study and can be complete the work more effectively and efficiently.
Hence, option C is the correct answer.
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