Below are 12 audit procedures.Classify each procedure according to the following types of audit evidence: (1)physical examination,(2)confirmation,(3)documentation,(4)observation,(5)inquiry of the client,(6)reperformance,and (7)analytical procedure.
Definitions:
Market Equilibrium
A state in which market supply and demand are balanced at a certain price level, leading to economic stability in which the quantity supplied equals the quantity demanded.
Excess Supply
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price, often leading to a price decrease.
Excess Demand
A situation in which the demand for a product or service surpasses its supply in a market, often leading to price increases.
Market Equilibrium
A situation where the quantity of a good or service supplied equals the quantity demanded at a specific price level.
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