What Reason Has Been Given to Explain the Lack of Well-Developed

question 21

Multiple Choice

What reason has been given to explain the lack of well-developed auditing professions in less-developed economies?

• A)inability to train auditors given the lack of educational systems
• B)Since investors are not major players in these economies,there is little need for audited financial statements.
• C)Investors and creditors in these countries do not want external auditors attesting to financial statement reliability.
• D)In these cultures,financial statements are presumed to be accurate and therefore do not require independent audits.

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Definitions:

Wound Armature

An armature with coils wound around its laminated core, typically part of an electric machine, that interacts with the magnetic field to generate motion or electricity.

Compensating Winding

A winding used in electrical machines to reduce unwanted effects of armature reaction, improving performance.

Neutral Plane

The region in a rotating electrical machine where the magnetic field does not induce any electromotive force in the armature.

Synchronous Winding

A winding configuration in an electric machine that operates at a speed directly proportional to the frequency of the electric power supply.