Which of the Following Is Not a Basic Approach Often

question 28

Multiple Choice

Which of the following is not a basic approach often used by auditors to evaluate the reasonableness of accounting estimates?

• A)Observation of procedures.
• B)Review of management's process of development.
• C)Independent development of an estimate.
• D)Review of subsequent events.

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Definitions:

Morality

Concerns the differentiation of intentions, decisions, and actions between those that are distinguished as proper and those that are improper.

Historical Significance

The importance of an event, object, or person in affecting the course or understanding of history, meriting attention and study.

Cotton

A natural fiber harvested from the cotton plant, which became the foundation of a lucrative agricultural industry in the southern United States, largely based on slave labor before the Civil War.