Which of the Following Is Not a Weakness of Using

question 133

Multiple Choice

Which of the following is not a weakness of using industry averages for auditing?

• A) The industry data are broad averages.
• B) Different companies follow different accounting methods.
• C) They can be helpful in identifying potential misstatements.
• D) All of the above are weaknesses.

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Definitions:

Act Concerning Religion

Refers to the Maryland law passed in 1649 that guaranteed religious freedom to all Christians, also known as the Maryland Toleration Act.

Religious Toleration

The acceptance and allowance of different religious beliefs and practices without persecution.

Maryland

A state in the Mid-Atlantic region of the United States, known for its waterways and coastline on the Atlantic Ocean and the Chesapeake Bay.

English Liberty

The idea that English people were entitled to certain liberties, including trial by jury, habeas corpus, and the right to face one’s accuser in court. These rights meant that even the English king was subject to the rule of law.