If the auditor is testing long-lived asset account balances to see if they include all relevant transactions that have taken place during the period, what is the primary assertion being tested?
a. Presentation and Disclosure.
b. Existence.
c. Completeness.
d. Valuation.
c
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The direct approach is an appropriate strategy for ______.
A. good news B. neutral news C. bad news D. both good news and neutral news
The push/pull view of the supply chain is useful when considering strategic decisions relating to supply chain design, because
A) it categorizes processes based on whether they are initiated in response to or in anticipation of customer orders. B) it specifies the roles and responsibilities of each member of the supply chain. C) it clearly defines the processes involved and the owners of each process. D) it focuses on processes that are external to the firm.
One of Britain's largest children's hospitals working with a Ferrari racing team is an example of:
A) internal benchmarking. B) external benchmarking. C) Taguchi concepts. D) employee empowerment. E) corporate responsibility.
The most recent balance sheet and income statement of Penaloza Corporation appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$47 $39 Accounts receivable 49 55 Inventory 36 39 Property, plant, and equipment 474 370 Less accumulated depreciation 250 218 Total assets$ 356 $ 285 Liabilities and stockholders' equity: Accounts payable$36 $35 Accrued liabilities 27 25 Income taxes payable 36 44 Bonds payable 88 80 Common stock 45 40 Retained earnings 124 61 Total liabilities and equity$ 356 $ 285 Income StatementSales$ 773Cost of goods sold 468Gross margin305Selling and administrative expense 189Net operating income116Income taxes 35Net income$
81The company paid a cash dividend of $18. It did not dispose of any property, plant, and equipment. The company did not retire any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) investing activities for the year was: A. $72 B. $(104) C. $(72) D. $104