For Each of the Audit Procedures Listed Below Select the Type

question 42

Multiple Choice

For each of the audit procedures listed below select the type of audit procedure,if any,that the auditor performed.A type of audit procedure may be selected once or not at all.
-The auditor scanned the repairs and maintenance account for unusually large amounts.

• A)Inspection of tangible assets
• B)Observation
• C)Recalculation
• D)Inquiry
• E)Inspection of records or documents
• F)Reperformance
• G)Analytical procedures

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Definitions:

Firm Offer

In contract law, a proposal made by a seller to supply goods or services at a fixed price, which cannot be withdrawn for a certain period.

Consideration

Something of value exchanged between parties in a contract that induces them to enter into the agreement.

Bargained-For Exchange

An exchange of promises or performance by parties to a contract that provides the consideration necessary to make the contract legally enforceable.

Breach of Contract

The violation of any term or condition of a binding legal agreement, which may result in legal action for remedy.