A company has a policy of frequently cutting prices to increase sales. Product demand is significantly elastic. What impact would this have ...
2016-03-09 08:03Financial statements of a nonissuer that have been reviewed by an accountant should be accompanied by a report stating that a review: a. Inc ...
2016-03-09 08:03How 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 ...
2016-03-08 09:03Which of the following corporations would be taxed as a personal service corporation? a. An architecture and engineering firm. b. A catering ...
2016-03-08 09:03A company is investing in a machine costing $365,000.The following table shows selected financial data for the company for the next five yea ...
2016-03-08 08:03Which of the following disagreements between the auditor and management do not have to be communicated by the auditor to those charged with ...
2016-03-08 08:03One of the elements of a financial statement is comprehensive income. Comprehensive income excludes changes in equity resulting from which o ...
2016-03-07 09:03Baker Corp., a calendar year C corporation, realized taxable income of $36,000 from its regular business operations for the calendar year. I ...
2016-03-07 09:03An auto parts store must maintain inventory of a wide variety of parts to satisfy its diverse customer base. As a result, the stores invento ...
2016-03-07 08:03The acceptable level of detection risk is inversely related to the: A. Assurance provided by substantive tests. B. Risk of failing to discov ...
2016-03-07 08:03In personal financial statements, how should estimated income taxes on the excess of the estimated current values of assets over their tax b ...
2016-03-04 09:03In financial reporting for segments of a business enterprise, segment data may be aggregated A. Before performing the 10% tests if a majorit ...
2016-03-04 09:03In accordance with GASB 33, Accounting and Financial Reporting for Nonexchange Transactions, how is each of the following items classified? ...
2016-03-04 09:03John and Mary were divorced in 2012. The divorce decree provides that John pay alimony of $10,000 per year, to be reduced by 20% on their ch ...
2016-03-04 09:03In Year 1, Best Corp., an accrual-basis calendar-year C corporation, received $100,000 in dividend income from the common stock that it held ...
2016-03-04 09:03Feng Co., CPAs, was engaged by Golden Corp. to audit its financial statements. Feng issued an unqualified opinion on Goldens financial state ...
2016-03-04 09:03A growing company is assessing current working capital requirements. An average of 58 days is required to convert raw materials into finishe ...
2016-03-04 09:03Spotech Co.s budgeted sales and budgeted cost of sales for the coming year are $212,000,000 and $132,500,000, respectively. Short-term inter ...
2016-03-04 09:03The average collection period for a firm measures the number of days A. Beyond the end of the credit period before a typical customer paymen ...
2016-03-04 09:03Which of the following analytical procedures most likely would be used during the risk assessment stage of an audit? A. Reading the letter f ...
2016-03-04 09:03Which of the following is not required when considering fraud in a financial statement audit? A. Conduct the audit with professional skeptic ...
2016-03-04 09:03When testing a computerized accounting system, which of the following is not true of the test data approach? A. The test data need consist o ...
2016-03-04 09:03Which statement is true with respect to push-down accounting? a. IFRS permits the use of push-down accounting. b. IFRS does not permit the u ...
2016-03-03 09:03The accumulated earnings tax can be imposed A. Regardless of the number of stockholders of a corporation. B. On personal holding companies. ...
2016-03-03 09:03All of the following statements are correct for processors and processing power, except： a.Processing power is often measured in terms of M ...
2016-03-03 09:03In which of the following situations would an auditor ordinarily choose between expressing an except for qualified opinion or an adverse opi ...
2016-03-03 09:03Ralph Birch purchased land and a building which will be used in connection with Birchs business. The costs associated with this purchase are ...
2016-03-02 09:03On September 30 of the current year, a US company entered into a future contract to hedge the value of its inventory. The inventory was repo ...
2016-03-02 09:03A company purchased property that it expects to sell for $14,000 next year. The net present value of the investment is $1,000. The company i ...
2016-03-02 09:03The Code of Professional Conduct, Rule 101 regarding independence, does not consider the following circumstances to be a lack of independenc ...
2016-03-02 09:03
