Which of the Following Types of Information Is Not a Type

question 111

Multiple Choice

Which of the following types of information is not a type of evidence that the auditor should obtain concerning contingencies?

• A)Information about major contracts in which contingencies may be present.
• B)Documentation of communication with internal and external legal counsel of the client.
• C)Accounts receivable confirmations.
• D)Documentation of contingent liabilities contained in corporate minutes,correspondence from governmental agencies,and bank confirmations.

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Definitions:

Recession

A period of significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Tax Rates

The percentages of income or value of goods that individuals or companies must pay to the government.

Big Government

A term often used to describe a government or state that has expansive powers and is heavily involved in various economic and social sectors.

Ronald Reagan

Ronald Reagan was the 40th President of the United States, serving from 1981 to 1989, known for his conservative economic policies, including tax cuts and deregulation efforts, which aimed to stimulate the American economy.