Which of the Following Types of Audit Evidence Provides the Least

question 34

Multiple Choice

Which of the following types of audit evidence provides the least assurance of reliability?

• A)Receivable confirmations received from the client's customers.
• B)Prenumbered receiving reports completed by the client's employees.
• C)Prior months' bank statements obtained from the client.
• D)Municipal property tax bills prepared in the client's name.

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Definitions:

Long Run

In economics, a period in which all inputs and outputs can be varied, allowing for the adjustment of all factors of production.

Perfect Competitor

A theoretical market where no individual buyer or seller has the power to affect the price of goods, leading to an optimal allocation of resources.

Long Run

A period in economics sufficient for all markets to adjust, including prices, outputs, and wages, reflecting changes in economic conditions or policies.

Perfect Competitor

A theoretical market scenario where many firms sell identical products, where no single buyer or seller can influence the market price.