Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Chapter 24, Problem 25DQP

a.

To determine

Define the term contingent liability.

b.

To determine

Explain the audit procedure which best suited for the given situations.

c.

To determine

Explain the nature of the adjusting entries or disclosure, if any that would make by an auditor for the given situations.

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Which inventory costing method is prohibited under IFRS? a) FIFO b) Weighted average c) LIFO d) Specific identification
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