Why don't auditors prepare financial statements, as well as audit them?
A. It would take away a job from the controller of the company
B. It would be a conflict of interest and violate ethical standards
C. It would not eliminate errors in the financial statements
D. It would not streamline the process and be effective
Answer: B
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Economists have generally found that economic growth rates have a close relation to all of the following EXCEPT
a. openness to trade. b. education. c. communications infrastructure. d. import restrictions.
Many firms provide similar types of airline services with similar types of assets. They each received unqualified opinions from their independent auditors. Yet, Flash Airlines appears to apply its accounting principles more aggressively in income-enhancing ways relative to its competitors. The choices for Flash Airlines in applying generally accepted accounting principles under the accrual basis
of accounting include: a. depreciable lives for buildings and equipment. b. estimated uncollectibles for accounts receivable. c. estimated warranty costs. d. all of the above. e. none of the above.
Commiserating with colleagues at the office is a common and acceptable behavior for a proactive employee.
a. True b. False
Whole Life Spa believes in meeting societal expectations whether or not mandated by law. It uses only organic products that are environmentally friendly. Whole Life Spa is operating at the ________ level of the pyramid of corporate social responsibility.
A. administrative B. economic C. philanthropic D. legal E. ethical