Which of the Following Expressions Is Least Likely to Be

question 81

Multiple Choice

Which of the following expressions is least likely to be included in a management representation letter?

• A)No events have occurred subsequent to the balance sheet date that require adjustment to or disclosure in the financial statements.
• B)The company has complied with all aspects of contractual agreements that would have a material effect on the financial statements in the event of noncompliance.
• C)Management acknowledges responsibility for illegal actions committed by its employees.
• D)Management has made available all financial statements and related data.

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Definitions:

Retailer

A business or person that sells goods directly to consumers.

Manufacturer

An entity that produces finished goods from raw materials on a large scale, using machinery, labor, and production processes.

Seasoning Packets

Pre-measured spices and herbs combinations sold in small packets used to enhance the flavor of dishes without the need for separate seasoning ingredients.

Demand

The consumer's desire and willingness to pay a price for a specific good or service.