Inquiry _______

question 9

Multiple Choice

Inquiry _______.

• A)alone would be considered quality audit evidence
• B)would not be considered quality audit evidence
• C)should not be used in conjunction with other audit procedures
• D)involves making inquiries of prior auditors

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Definitions:

Utility

A measure of satisfaction, usefulness or value that a consumer receives from any good or service.

Utility

In economics, the total satisfaction received from consuming a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Marginal Utility

The extra pleasure or benefit a customer receives from purchasing an additional unit of a product or service.