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CPA Accountant Review Questions

Category - ABFA General Topics

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What does an ‘anomaly’ refer to in auditing terms?

Another name for the statement of financial position
Another name for the notes to the financial statements
An individual misstatement that is not representative of the population misstatement
An ‘audit test’ related to the statement of comprehensive income

Explanation

Answer: C - An anomaly is a misstatement that is not representative of the deviations in a population. It is a misstatement that cannot be traced back to a population.

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