Because of the risk of material misstatement due to improper management representations, an audit of financial statements in accordance with GAAS should be performed with:
A. Due diligence
B. Professional skepticism
C. Internal controls
D. Objective judgment
Answer: B
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Answer the following statements true (T) or false (F)
Throughout the financial history of the United States, current value has been the accepted valuation system for published financial statements.
The hallmarks of Tesla's vertical integration strategy do not include
A. in-house manufacturing of key components and new parts that require frequent updates resulting in a shorter learning curve and more rapid new Tesla vehicle development B. fostering closer relationships between Tesla engineering and manufacturing departments to provide greater control over product design. C. investments in a "gigafactory" that manufactures the batteries that are essential for a long-lasting Tesla electric vehicle. D. research and development and rapid deployments of Tesla's control integration systems (creating control factors across its entire value chain). E. a network of dealerships that allows Tesla to sell directly to consumers and handle maintenance needs without relying on third parties that sometimes have competing priorities
The decision to delete a product is never taken lightly because, generally, manufacturers
A. have used brand repositioning to improve results. B. have promised consumers they will maintain the product. C. have made substantial investments in product development and manufacturing. D. must meet federal standards when taking products off the market. E. have offered the product line to other firms for purchase.
Which of the following is not real property:
a. land b. minerals c. buildings d. trees e. all of the other choices are real property