Multiple Choice
Which type of evidence provides the highest level of assurance in an attestation engagement?
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1. Introduction to Accounting
Types of Accounting
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Which type of firm provides services such as accepting deposits and providing loans to its customers?
A
Auditing firm
B
Insurance firm
C
Banking firm
D
Consulting firm
Verified step by step guidance1
Step 1: Understand the nature of the services mentioned in the problem, which include accepting deposits and providing loans to customers.
Step 2: Recall the primary functions of different types of firms. For example, auditing firms focus on examining financial records, insurance firms provide risk coverage, consulting firms offer expert advice, and banking firms handle financial transactions like deposits and loans.
Step 3: Match the services described in the problem (accepting deposits and providing loans) to the type of firm that specializes in these activities.
Step 4: Recognize that banking firms are the ones that provide these services as part of their core operations.
Step 5: Conclude that the correct answer is 'Banking firm' based on the alignment of services provided.
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