The auditor normally considers both underlying accounting data and corroborating information in the audit process. Underlying accounting data does not include which of the following items?
a. Evidence of controls.
b. Minutes of meetings.
c. Checks, invoices, and contracts.
d. General and subsidiary ledger.
b
Business
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Financial intermediaries (banks in particular) have the ability to avoid the free-rider problem as long as they primarily
A) make private loans. B) acquire a diversified portfolio of stocks. C) buy junk bonds. D) do a balanced combination of A and B of the above.
Business
Albert just purchased a $1,000, 5.4%, 10-year bond when he heard about his friend Charlie who just bought a similar bond at $1,000; 9.5%, 10-year bond. What kind of risk did Albert just experience?
A) Interest rate B) Market C) Financial D) Business
Business