For Internal Controls That Leave No Documentary Evidence, the Auditor

question 96

True/False

For internal controls that leave no documentary evidence, the auditor observes their application at year-end.

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Definitions:

Matched by Employer

Pertains to contributions or payments, typically toward FICA taxes or retirement funds, that an employer duplicates for an employee.

Contingent Liability

A potential financial obligation that may occur or become payable in the future, depending on the outcome of a specific event.

Reasonably Possible

A term used in accounting and law to describe a situation or outcome that, while not certain, is more than a remote possibility.

Estimable

Capable of being estimated or appraised, often used in finance and accounting to describe assets or liabilities that can be accurately assessed.