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    "question_id": "10721468",
    "url": "\/study-help\/questions\/an-unexpected-economic-downturn-is-likely-to-have-which-effect-10721468",
    "question_creation_date_js": "2024-09-14T00:06:58-04:00",
    "question_creation_date": "Sep 14, 2024 12:06 AM",
    "meta_title": "[Solved] An unexpected economic downturn is likely | SolutionInn",
    "meta_description": "Answer of - An unexpected economic downturn is likely to have which effect on inventory turnover Increase No effect Decrease Each | SolutionInn",
    "meta_keywords": "unexpected,economic,downturn,effect,inventory,turnover,increase,decrease,replies,equally,client,representation",
    "question_title_h1": "An unexpected economic downturn is likely to have which effect on inventory turnover Increase No effect Decrease Each of these replies is equally likely A",
    "question_title": "An unexpected economic downturn is likely to have which effect on inventory",
    "question_title_for_js_snippet": "An unexpected economic downturn is likely to have which effect on inventory turnover Increase No effect Decrease Each of these replies is equally likely A client representation letter can be used as a substitute for performing some audit procedures since the information is provided by the client in writing  a  True b  False All of the following are considered in developing an expectation of an account balance except  a  Anticipated results, such as budgets and forecasts b  Relationships between financial information and relevant nonfinancial data c  Subsequent cash receipts d  Financial information for comparable prior periods 4  The most efficient set of audit procedures is that which achieves the required low level of audit risk at the minimum cost  a  True b  False 5  Operating results that are highly sensitive to economic factors is considered to an inherent risk  a  True b  False 6  Scanning through the accounting records to look for unusual or large items is not generally considered to be a valid substantive procedure in an audit  a  True b  False 7  The detection risk in the audit varies directly in accordance with the risk of material misstatement  a  True b  False 8  Which of the following approaches to an audit is most likely to result in a detailed analysis of one or more characteristics of an entire population  a  A horizontal analysis approach b  a test design approach c  a ratio analysis approach d  a data analytical approach 9  Assertions with high inherent risk are least likely to involve  a  difficult accounting issues b  Significant judgement by management c  Complex calculations d  Routine transactions",
    "question_description": "<ol> <li>An unexpected economic downturn is likely to have which effect on inventory turnover<\/li> <\/ol> <ul> <li>Increase<\/li> <li>No effect<\/li> <li>Decrease<\/li> <li>Each of these replies is equally likely<\/li> <\/ul> <ol start=\"2\"> <li>A client representation letter can be used as a substitute for performing some audit procedures since the information is provided by the client in writing.<\/li> <\/ol> <p>a. True<\/p> <p>b. False<\/p> <ol start=\"3\"> <li>All of the following are considered in developing an expectation of an account balance except:<\/li> <\/ol> <p>a. Anticipated results, such as budgets and forecasts<\/p> <p>b. Relationships between financial information and relevant nonfinancial data<\/p> <p>c. Subsequent cash receipts<\/p> <p>d. Financial information for comparable prior periods<\/p> <p> 4. The most efficient set of audit procedures is that which achieves the required low level of audit risk at the minimum cost.<\/p> <p> a. True<\/p> <p> b. False<\/p> <p> 5. Operating results that are highly sensitive to economic factors is considered to an inherent risk.<\/p> <p> a. True<\/p> <p> b. False<\/p> <p> 6. Scanning through the accounting records to look for unusual or large items is not generally considered to be a valid substantive procedure in an audit.<\/p> <p> a. True<\/p> <p> b. False<\/p> <p> 7. The detection risk in the audit varies directly in accordance with the risk of material misstatement.<\/p> <p> a. True<\/p> <p> b. False<\/p> <p> <\/p> <p> <\/p> <p> <\/p> <p> <\/p> <p> 8. Which of the following approaches to an audit is most likely to result in a detailed analysis of one or more characteristics of an entire population?<\/p> <p> a. A horizontal analysis approach<\/p> <p> b. a test design approach<\/p> <p> c. a ratio analysis approach<\/p> <p> d. a data analytical approach<\/p> <p> 9. Assertions with high inherent risk are least likely to involve:<\/p> <p> a. difficult accounting issues<\/p> <p> b. Significant judgement by management<\/p> <p> c. Complex calculations<\/p> <p> d. Routine transactions<\/p>",
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    "question_posted": "2024-09-14 00:06:58",
    "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01",
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