Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is NOT a category of audit documentation?

Financial statements

Current files

Working papers

Permanent files

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Verified step by step guidance

Understand the concept of audit documentation: Audit documentation refers to the records kept by auditors to provide evidence of their work and conclusions. It is essential for supporting the audit opinion and ensuring compliance with auditing standards.

Identify the common categories of audit documentation: These typically include 'Current files,' which contain documentation related to the current audit period, 'Permanent files,' which hold information relevant to multiple audit periods, and 'Working papers,' which are detailed records of audit procedures performed and evidence gathered.

Analyze the options provided: 'Financial statements' are the end product of an audit and are not considered a category of audit documentation. Instead, they are the subject of the audit itself.

Compare the options to the definition of audit documentation categories: Verify that 'Current files,' 'Working papers,' and 'Permanent files' align with the standard categories of audit documentation, while 'Financial statements' do not fit this classification.

Conclude that the correct answer is 'Financial statements,' as it is not a category of audit documentation but rather the output of the audit process.