An auditor would most likely identify a contingent liability by obtaining a(an) a. Related party transaction confirmation.

Question:

An auditor would most likely identify a contingent liability by obtaining a(an)

a. Related party transaction confirmation.

b. Accounts payable confirmation.

c. Confirmation of open letters of credit from a bank.

d. Transfer agent confirmation.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Auditing An Assertions Approach

ISBN: 9780471134213

7th Edition

Authors: G. William Glezen, Donald H. Taylor

See More Books

Question Posted: May 08, 2024 01:27 AM

See More Questions

Multiple Choice 1. An auditor would be most likely to identify a contingent liability by obtaining a (n) a. Accounts payable confirmation. b. Bank confirmation of the entitys cash balance. c. Letter...
14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
An auditor would be most likely to identify a contingent liability by obtaining a(n) a. Accounts payable confirmation. b. Bank confirmation of the client's cash balance. c. Letter from the entity's...
Discuss sources of revenues Explain the importance of prices and volume in revenue budgeting Clarify why revenues are often ignored in nursing budgets Discuss when revenues should be considered in...
Define L[y] = y" + y. (a) Prove directly from the definition that L: C2[a, b] C0[a, b] is a linear transformation. (b) Determine ker L.
Boswell and Johnson form a partnership on May 1, 2013. Boswell contributes cash of $50,000; Johnson conveys title to the following properties to the partnership: The partners agree to start their...
On June 15, 2010, Baileys Department Store purchased $4,300 of inventory on account from one of its suppliers. The terms were 3/15, n/45, FOB shipping point. On June 18 Baileys Department Store paid...
Boulder Mines paid $425,000 for the right to extract ore from a 250,000-ton mineral deposit. In addition to the purchase price, Boulder Mines also paid a $110 filing fee, a $2,000 license fee to the...
5. The following applies to Donte Corporation for the month of September. All materials are added at the beginning of the production process and the company uses FIFO. Beginning Inventory 2,350...
In the audit of contingent liabilities, which of the following procedures would be least effective? a. Standard bank confirmation. b. Analytical procedures. c. Inquiry of management. d. Confirmation...
Legal expense is understated because legal fees related to an unexpected lawsuit brought by a minoritv stockholder have not been billed br the law firm or accrued bv the client. Which of the...
Approximate each number (a) Rounded and (b) Truncated to three decimal places. 9.9985
Information on the asset accounts of Entity A as of December 31, 20x1 is as follows: Cash Accounts receivable Notes receivable (trade) Notes receivable (nontrade) - P40,000 due within 1 yr. insurance...
Identify articulately diversity and inclusion in an unassisted environment without relying on reference materials Is this statement include condition, performance, and criteria?
In this problem, we want to create a spreadsheet to help someone estimate their income in retirement. To do this, we will have them enter several numbers: the amount of money currently in savings,...
Petty's comparative balance sheets at December 31, 2020, and December 31, 2019, report the following (in millions). (Click the icon to view the comparative balance sheets.) Requirements Below are...
If a firm's production process is Q = 0.8L2 -0.2L, and labor costs $95 per worker and output sells for $5, how much labor should the firm hire?
Reconsider Prob. 416. Using the EES (or other) software, plot the process described in the problem on a P-V diagram, and investigate the effect of the polytropic exponent n on the boundary work. Let...
Find the center of mass of a thin triangular plate bounded by the y-axis and the lines y = x and y = 2 - x if (x, y) = 6x + 3y + 3.
Simplify (xy-4)-4 -4-5 (xy) ==
.n Sitka, Alaska, the temperature one day was - 18F and the temperature in Ketchikan, Alaska was - - 15F. T 18F is the lowest temperature in Sitka, Alaska on this day. The difference between the...
The graph shows the cost of a streaming service for several months. Part A Describe the meaning of the point (6, 47.94) shown on the graph. Show or explain your reasoning. Cost (5) 100 80 70 00 50...

An auditor would most likely identify a contingent liability by obtaining a(an) a. Related party transaction confirmation.

Question:

Step by Step Answer:

A contingent liability is a potential obligation that may become an actual liability in the future d...View the full answer

Auditing An Assertions Approach

Students also viewed these Business questions