Which of the Following Is Least Likely to Be Required

question 9

Multiple Choice

Which of the following is least likely to be required on an audit?

• A)Evaluate the business rationale for significant,unusual transactions.
• B)Make a legal determination of whether fraud has occurred.
• C)Review accounting estimates for biases.
• D)Test appropriateness of journal entries and adjustments.

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Definitions:

Partnership

A legal arrangement in which two or more individuals share ownership of a business, including its profits, losses, and responsibilities.

Partnership Liabilities

Obligations that arise during the course of a partnership's operation that all partners are typically jointly and severally responsible for.

Liquidated Assets

are assets that have been converted into cash or cash equivalents by selling them on the open market.

Wrongful Dissolution

The improper termination of a partnership or corporate entity in violation of agreements or legal provisions.