The focus of substantive tests in the finance and investment cycle is on
A) Reconciliation of detailed listings with general ledger amounts.
B) Proper cut-off.
C) Search for unrecorded items.
D) Gaining an understanding and verifying amounts and calculations.

Question

Quizplus · Accepted Answer

Substantive tests in the finance and investment cycle focus on reconciling detailed listings with general ledger amounts to ensure accuracy and completeness of recorded transactions.

The Focus of Substantive Tests in the Finance and Investment