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A Material Weakness That Exists at Year-End Will Result in What

question 23

Multiple Choice

A material weakness that exists at year-end will result in what type of audit report on internal control?


Definitions:

Chapter 13

refers to a part of the U.S. Bankruptcy Code that enables individuals with a regular income to develop a plan to repay all or part of their debts.

Chapter 7

A provision of the bankruptcy code that provides for "liquidation," whereby a debtor's assets are distributed to creditors.

Repayment Plan

A structured schedule agreed upon for paying back borrowed money.

Security Interest

An official right or charge on property pledged as security, often for the purpose of loan repayment assurance.

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