The audit can be divided into transaction cycles. Which of the following is NOT one of the transaction cycles?
A) Acquisition and payment cycle
B) Sales and collection cycle
C) Sales and payment cycle
D) Payroll and personnel cycle

Question

Quizplus · Accepted Answer

The "Sales and payment cycle" is not a recognized transaction cycle in auditing. The correct cycles are the acquisition and payment cycle, sales and collection cycle, and payroll and personnel cycle.

The Audit Can Be Divided into Transaction Cycles