________ are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
A) Shopping products
B) Unsought products
C) Specialty products
D) Capital items
E) Convenience products
C
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Which of the following is a substantive procedure that an auditor most likely would perform to verify the existence of recorded accounts payable?
A. Investigating the open purchase order file to ascertain that prenumbered purchase orders are used and accounted for. B. Receiving the entity's mail, unopened, for a reasonable period of time after the year-end to search for unrecorded vendor's invoices. C. Confirming accounts payable balances with known suppliers who have zero balances. D. Vouching selected entries in the accounts payable subsidiary ledger to purchase orders and receiving reports.
Which of the following facts should be communicated by the auditor to the audit committee?
a. The auditor's responsibilities under GAAP. b. Significant difficulties they had with management during the conduct of the audit.. c. Significant accounting policies. d. All are required communications.
Which of the following would be the likely risk results from using a 1% level of detection risk?
a. High detection risk and low audit risk. b. High detection risk and high audit risk. c. Low detection risk and high audit risk. d. Low detection risk and low audit risk.
An insured whose car damages another's property is protected by ____________________ insurance
Fill in the blank(s) with correct word