All of the following are advantages of the test data technique except
a. auditors need minimal computer expertise to use this method
b. this method causes minimal disruption to the firm's operations
c. the test data is easily compiled
d. the auditor obtains explicit evidence concerning application functions
C
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A discount that buyers take for early payment of merchandise is called a
A) customer discount. B) purchases discount. C) sales discount. D) trade discount.
Which of the following would be considered part of the category "trade receivables"?
a. Advances to employees b. Amounts due from customers c. Dividends receivable d. Income tax refunds receivable
On January 1 . 2014, Comas Corporation acquired Partly, Inc as a long-term investment for $250,000 (a 30 percent common stock interest in Partly). On that date, Partly had net assets with a book value and current market value of $800,000 . During 2014, Partly reported net income of $85,000 and declared and paid cash dividends of $20,000 . What is the maximum amount of income that Comas should
report from this investment for 2014? a. $25,500 b. $21,000 c. $6,000 d. $33,000
Legally, an affirmative action program is required when
A. a firm has 25 or more employees. B. a firm wants to expand its workforce. C. a firm's union-management contract is being negotiated. D. a firm has a federal contract exceeding $50,000.