In which of the following situations would an auditor ordinarily choose between expressing a qualified opinion or an adverse opinion? a. Con ...
2016-03-21 08:03Which of the following statements correctly describes the proper accounting for nonmonetary exchanges that are deemed to have commercial sub ...
2016-03-18 09:03On June 15, Peters orally offered to sell a used lawn mower to Mason for $125. Peters specified that Mason had until June 20 to accept the o ...
2016-03-18 09:03The price elasticity of demand for a good is 2.0, and the quantity demanded is 5,000 units. The price increases by 10 percent. What is the n ...
2016-03-18 09:03Which of the following phrases would an auditor most likely include in the auditors report when expressing a qualified opinion due to inadeq ...
2016-03-18 09:03Golden Co. factored its receivables with recourse with GD Bank. Assume Golden surrenders control of the receivables. Golden received cash as ...
2016-03-17 09:03Daystar Corp. which is not a mere holding or investment company, derives its income from consulting services. Daystar had accumulated earnin ...
2016-03-17 09:03Three suppliers offer Ruby Co. different credit terms. Bandy Co. offers terms of 1.5/15, net 30. Carryl Co. Offers terms of 1/10, net 30. Pl ...
2016-03-17 09:03An auditor includes a separate paragraph in an otherwise unmodified report to emphasize that the entity being reported on had significant tr ...
2016-03-17 09:03On July 1, year 1, Golden Corp. split its common stock 5-for-1 when the market value was $100 per share. Prior to the split, Golden had 10,0 ...
2016-03-16 09:03Golden purchased 500 shares of Silver, Inc. 15 years ago for $25,000. Golden has worked as an owner/employee and owned 40% of the company th ...
2016-03-16 09:03Which of the following ratios should be used to compare the profitability of two electronics companies that differ in size? a. Quick (acid-t ...
2016-03-16 09:03Which of the following explanations best describes why an auditor may decide to reduce tests of details for a particular audit objective? A. ...
2016-03-16 09:03How should the effect of a change in accounting estimate be accounted for? a. By reporting pro forma amounts for prior periods. b. As a prio ...
2016-03-15 09:03Which of the following securities is exempt from registration under the Securities Act of 1933? a. Shares of nonvoting common stock, provide ...
2016-03-15 09:03When obtaining an understanding of an entitys internal controls, an auditor should concentrate on the substance of the controls rather than ...
2016-03-15 09:03Per U.S. GAAP, which of the following statements is correct regarding accounting changes that result in financial statements that are, in ef ...
2016-03-14 09:03After serving as an active director of Lee Corp. for twenty years, Ryan was appointed an honorary director with the obligation to attend dir ...
2016-03-14 09:03Which of the following forms of compensation would most likely align managements behavior with the interests of the shareholders? a. A fixed ...
2016-03-14 09:03Statistical sampling generally may be applied to test controls when the clients internal control activities A. Depend primarily on appropria ...
2016-03-14 09:03Eagle and Falk are partners with capital balances of $45,000 and $25,000, respectively. They agree to admit Robb as a partner. After ther as ...
2016-03-11 08:03Golden Corporations book income before income taxes for the year ended December 31, 2015, was $260,000. The company began business during Ma ...
2016-03-11 08:03The Sarbanes-Oxley Act of 2002 requires that the management report on internal control include all of the following, except: a.A statement o ...
2016-03-11 08:03Which of the following statements is correct concerning statistical sampling in tests of controls? A. As the population size doubles, the sa ...
2016-03-11 08:03Golden Co. prepares its statement of cash flows using the indirect method. Goldens unamortized bond discount account decreased by $25,000 du ...
2016-03-10 09:03Dunbar is the holder and payee of a check. He takes it to the Federal Bank upon which it was drawn and has it certified. Which of the follow ...
2016-03-10 09:03In Year 1，a companys cash is 15 percent of sales, accounts receivable is 10 percent of sales, inventory is 20 percent of sales, accounts pa ...
2016-03-10 09:03When a compilation report is being issued, each page of the financial statements should include a reference such as A. See accompanying acco ...
2016-03-10 09:03On July 1, year 1, Golden Corporations bondholders exchanged their convertible bonds for $1 par value common stock. The carrying value of th ...
2016-03-09 09:03In which of the following cases does a seller have automatic perfection of a security interest as soon as attachment takes place? I. Purchas ...
2016-03-09 09:03
