Which One of the Following Items Would NOT Be of Concern

question 92

Multiple Choice

Which one of the following items would NOT be of concern to the auditor as a potential contingent liability, assuming each event could generate a loss of $20 000?

• A) loans receivable discounted
• B) obsolete inventory
• C) unused balances of outstanding letters of credit
• D) income tax disputes

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Definitions:

Methods Analysis

A system that involves developing work procedures that are safe and produce quality products efficiently.

Workstation Level

Pertains to the specific setting or environment within a workspace where individual tasks are performed, often focusing on optimization and ergonomics for productivity.

Methods Analysis

The systematic examination of activities in order to improve the efficient use of resources.

Skills Needed

Specific abilities, knowledge, or expertise required to perform tasks or jobs effectively.