Which of the Following Is Least Likely to Require Significant

question 12

Multiple Choice

Which of the following is least likely to require significant auditor judgment about the dollar amount to be disclosed in the financial statement?

• A) Contingent liability related to pending litigation.
• B) Assumptions made in preparation of the estimate of income tax expense for the year.
• C) The value of inventory.
• D) Cash on hand at the end of the year.

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Definitions:

Native Australian Snakes

Reptiles indigenous to Australia, many of which are known for their venomous nature, such as the Taipan and Eastern Brown Snake.

Toxic Cane Toads

An invasive species known for its poison glands that release a toxin harmful to many native predators and competitors, originally from Central and South America but now found in various parts of the world.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring, a key mechanism of evolution.

Allele Frequencies

The proportion of different variants of a gene (alleles) within a population, which can change over time due to evolutionary pressures.