The Main Focus Taken by the Auditor in Verifying Liability

question 36

Multiple Choice

The main focus taken by the auditor in verifying liability balances is on the discovery of

• A)liabilities posted to the wrong account.
• B)overstated liabilities.
• C)understated or omitted liabilities.
• D)overstated or extraneous liabilities.

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Definitions:

NAALC

The North American Agreement on Labor Cooperation, an agreement between the USA, Canada, and Mexico to improve working conditions and living standards.

NAALC

The North American Agreement on Labor Cooperation, an agreement aimed at improving working conditions and living standards in Canada, Mexico, and the United States.

Multinational Companies

Corporations that own or control production of goods or services in one or more countries other than their home country.

NAALC

The North American Agreement on Labor Cooperation, an agreement between the USA, Canada, and Mexico to promote labor principles and enforce labor laws.