When a Customer Does Not Return an Accounts Receivable Confirmation

question 56

True/False

When a customer does not return an accounts receivable confirmation, it is acceptable, without performing alternative procedures, to assume the amount is 100% overstated when generalizing from the sample to the population.

---

Definitions:

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, to reflect the true value of goods and services produced.

Investment

The action or process of allocating resources, usually money, with the expectation of generating an income or profit.

Real GDP

The measure of the value of economic output adjusted for price changes (inflation or deflation), reflecting the real quantity of goods and services produced.

Recession

A notable decrease in economic performance affecting the entire economy, persisting for an extended period beyond several months, is usually observed in metrics such as real GDP, real income, employment, industrial production, and wholesale-retail sales.