An audit by an independent external auditor usually does not involve which of the following?
a. an assessment of the capability of a firm's accounting system to accumulate, measure, and synthesize transactional data properly.
b. an assessment of the operational effectiveness of the accounting system
c. a determination of whether the financial report complies with the requirements of the applicable authoritative guidance
d. an assessment of the operational economy, efficiency, and effectiveness of the company's operations
e. an assessment of the effectiveness of a firm's internal control system for financial reporting.
D
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See the account balances for Wolfe Inc On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe's trial balance prepared on January 31, 2016, the total of the credit column is:
a. $297,000 b. $287,000 c. $286,000 d. $275,000
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