Unilateral mistake is a mistake in which only one party is mistaken about a material fact regarding the subject matter of a contract
Indicate whether the statement is true or false
TRUE
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Which of the following is the least important in helping the auditor develop an independent expectation of interest expense as a substantive analytical procedure?
a. Determine average interest rates. b. Determine average debt outstanding. c. Examine disaggregated data by type of debt. d. Examine an interest revenue schedule.
Why are passwords often considered the "Achilles' heel" of electronic systems?
a. Password selection is left to the end user and cannot be fully controlled. b. Systems cannot handle complex passwords. c. Any password can be easily hacked. d. No other control can better prevent fraud than the wise use of passwords.
Since suppliers are so close to the market, they are valuable sources of information about consumer problems, marketing opportunities, and new product possibilities
Indicate whether the statement is true or false
A company's post-closing trial balance has total debits of $40,560 and total credits of $40,650. Accordingly, the company should review for errors in the closing process.
Answer the following statement true (T) or false (F)