A contract is said to have legal value if ________.
A. both the promisor and the promisee receive a legal benefit
B. the promisor suffers a legal detriment
C. the promisee suffers a legal detriment
D. the promisee receives a legal benefit
Answer: C
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Which of the following factors most likely would lead a CPA to conclude that a potential audit engagement should be rejected?
A. The details of most recorded transactions are not available after a specified period of time. B. Management has a reputation for consulting with several accounting firms about significant accounting issues. C. It is unlikely that sufficient appropriate evidence is available to support an opinion on the financial statements. D. Internal control activities requiring segregation of duties are subject to management override.
Viruses and chemical exposure can cause mutations in proto-oncogenes which can lead to cancer.
Answer the following statement true (T) or false (F)
Which of the following best describes how external auditors' interactions with their clients is likely to change due to the use of data analytics in the audit process?
A. External auditors will spend less time on audits and will not need to spend time with clients outside the audit. B. External auditors will spend more time on detailed audit tasks, resulting in longer audit engagements. C. External auditors will stay engaged with clients beyond the audit. D. External auditors will only interact with their clients virtually.
When comparing mediation to arbitration,
A. mediation produced greater disputant satisfaction. B. arbitration was less time-consuming. C. mediation was more costly. D. arbitrators have no formal power over outcomes.