In Addition to Confirming Bank Balances of Your Audit Client

question 1

Multiple Choice

In addition to confirming bank balances of your audit client, a bank confirmation would normally contain

• A) the client's bank loans with due date, interest rate, and collateral requested.
• B) the client's credit history as regards to paying back loans.
• C) the client's managements bank account information.
• D) the client's business prospects.

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Definitions:

Electrostatic Charge

The static charge that is developed by adding or removing electrons from an object.

Energy Storage

The capture of energy produced at one time for use at a later time, using devices or systems such as batteries, capacitors, or mechanical storage systems.

Charge Rate

The rate at which an electric battery or accumulator is charged or discharged, measured in amperes.

μ F

A unit of capacitance, microfarads, representing one-millionth of a farad, used to quantify the storage potential of capacitors.