Which of the Following Types of Information Is Not a Type

question 111

Multiple Choice

Which of the following types of information is not a type of evidence that the auditor should obtain concerning contingencies?

• A)Information about major contracts in which contingencies may be present.
• B)Documentation of communication with internal and external legal counsel of the client.
• C)Accounts receivable confirmations.
• D)Documentation of contingent liabilities contained in corporate minutes,correspondence from governmental agencies,and bank confirmations.

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Definitions:

Inverse Demand

A mathematical function that expresses the price of a good or service as a function of the quantity demanded, showing how price changes with demand.

Cournot Duopolists

Firms in a Cournot duopoly compete by choosing quantities rather than prices, assuming the quantity set by the competitor as given while deciding their own.

Total Cost

The total expenses associated with manufacturing goods or services, encompassing both constant and fluctuating costs.

Bean Sprouts

The germinated beans used commonly in Asian cuisines, known for their crunchy texture and nutritional benefits.