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:

Locus Coeruleus

Central nervous system structure that plays a key role in arousal and wakefulness.

Amygdala

A central nervous system structure aroused by emotional events.

Global Attribution

The belief that a specific outcome will be repeated in many situations.

Successful

Achieving the desired results or goals.