The auditor should consider the historical experience of the client in making past estimates
a. True
b. False
Indicate whether the statement is true or false
True
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Answer the following statements true (T) or false (F)
1. Brilliante Pens, a 125-year-old pen manufacturer, markets very high-quality pens, many of which cost more than $1,000 each, to executives globally, always maintaining its reputation of superior value in its narrow market. Brilliante is using a cost-focus strategy. 2. For over 20 years, ABC Manufacturing produced only one product, a car part for Moraine Assembly (the Moraine, Ohio, General Motors truck factory). Because its single-product business is so closely tied to Moraine Assembly, ABC is a vulnerable company. 3. In a single-product strategy, a company makes and sells only one product within its market. An example of a businessperson following a single-product strategy is a farmer who grows and sells only corn. 4. Execution consists of questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve promised results.
Del Monte Foods, a large corporation that manages many family food and pet food brands, sells the Contina brand of canned tomato products to supermarkets across the country. Contina is an example of a(n) ________
A) organizational brand B) support brand C) private label brand D) reseller brand E) manufacturer brand
Information from merchandise tags or product labels is recorded directly into in-store computer terminals for immediate data processing in a _____ system
a. point-of-sale b. visual inspection c. manual perpetual inventory d. stock-counting
The following errors in recording the transactions for June were discovered in the general journal the next month after the data had been posted to the ledger. Record the necessary correcting entries on page 2 of a general journal. Omit the descriptions.June 1Discovered that a purchase of supplies for $800 cash was recorded as a debit to Equipment and a credit to Cash2Discovered that a check for $1,100 to the owner, Hank Rudolph, to pay one month's rent on his personal apartment was recorded as a debit to Rent Expense and a credit to Cash3Discovered that a receipt of $3,000 cash from a credit customer was recorded as a debit to Cash and a credit to Accounts Payable4Discovered that $350 services performed on credit were recorded as a debit to Cash and a credit to Fees Income
What will be an ideal response?