Unplanned purchases of items needed quickly, often at non-prenegotiated higher prices, best defines

Explain the difference between Accounts Receivable and Accounts Payable.

What will be an ideal response?

A note to the financial statements of the First Security Bank indicates that all of the records relating to the bank business operations are stored on magnetic disk and that no emergency backup systems or duplicate disks consider the occurrence of a catastrophe to be remote. Based upon this note the auditor's report on the financial statements should express

a. A "subject to" opinion b. A qualified opinion c. An unmodified opinion d. An adverse opinion