When an Auditor Is Investigating the Inherent Risk Associated with Stock

question 80

True/False

When an auditor is investigating the inherent risk associated with stock issuances/sales that are recorded in the wrong period,the auditor is most likely assessing the risks of material misstatements associated with the existence assertion.

Recognize contracts implied in law and the concept of quasi-contracts.

Understand different types of obligations and contracts, including quasi-contractual obligations.

Comprehend the doctrine of promissory estoppel and its application to enforce non-contractual promises based on reliance.

Identify and explain the essential elements required for the formation of a valid contract.

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Definitions:

Conditioned Response

An automatic response established by training to an ordinarily neutral stimulus.

Conditioned Stimulus (CS)

A previously neutral stimulus that eventually elicits a conditioned response after being paired with the unconditioned stimulus.

Unconditioned Stimulus (US)

A stimulus that produces a response without prior learning.

Contiguity

In learning theory, refers to the proximity in time or space between two events, which can influence the association formed between them.