Chapter 1 LO2 Flashcards
distinguish between accounting and auditing
1
Q
determining whether recorded information properly reflects the economic events that occurred during the accounting period is the job of an accountant/auditor?
A
auditor
2
Q
the recording, classifying, and summarizing of economic events to provide financial information for decision making is the job of an accountant/auditor?
A
accountant
3
Q
what is accounting?
A
the recording, classifying, and summarizing of economic events to provide financial information for decision making.
4
Q
In addition to understanding accounting, auditors must possess what?
A
expertise in the accumulation and interpretation of audit evidence
5
Q
what do auditors focus on?
A
determining whether recorded information properly reflects the economic events that occurred during the accounting period
