In the audit of a medium-sized manufacturing concern, which one of the following areas would be expected to require the least amount of audit time?
A) Revenue.
B) Owners' equity.
C) Liabilities.
D) Assets.

Question

Quizplus · Accepted Answer

Owners' equity typically involves fewer transactions compared to other areas such as revenue, liabilities, and assets. This means that it would generally require the least amount of audit time. However, the exact amount of time needed for each area would depend on the specific circumstances of the audit and the level of risk associated with each area.

In the Audit of a Medium-Sized Manufacturing Concern, Which One