Which of the Following Statements About the Auditing Standards Issued

question 68

Multiple Choice

Which of the following statements about the auditing standards issued by the AICPA is true?

• A)The auditing standards issued by the AICPA are no longer recognized by the PCAOB.
• B)The auditing standards issued by the AICPA are no longer recognized by the profession because the AICPA voted itself out of existence.
• C)The auditing standards issued by the AICPA continue to be issued by that organization for audits of public companies.
• D)The auditing standards issued by the AICPA were used by the PCAOB as a starting point.

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Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually pay.

Producer Surplus

The gap between the price producers are willing to accept for offering a good or service and the actual price they receive.

World Price

The global equilibrium price of a good or service determined by worldwide supply and demand.

Consumer Surplus

Consumer surplus refers to the difference between what consumers are willing to pay for a good or service and what they actually pay.