Mark Pulley is an auditor at Pulley and Hurst, LLC. If Pulley's five-year-old daughter owns shares of stock in McBurgers Corporation, then what is Pulley considered to have?
a. An immaterial indirect financial interest in McBurgers Corporation.
b. A material indirect financial interest in the McBurgers Corporation.
c. A loophole for claiming independence from McBurgers Corporation.
d. An direct financial interest in McBurgers Corporation.
d
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Line Corporation's balance sheet showed the following amounts for their liability and stockholders' equity accounts: Current Liabilities, $5,000; Bonds Payable, $1,500; Lease Obligations, $2,000; and Deferred Income Taxes, $300 . Total stockholders' equity was $6,000 . The debt-to-equity ratio is
a. 0.63 b. 0.83 c. 1.42 d. 1.47
The division of responsibility between the reporting company's management and the audit firm is described in which one of the following?
a. Scope paragraph. b. Introductory paragraph. c. Notes to the financial statements. d. Opinion paragraph.
SCENARIO-BASED QUESTIONS Company Downsizing ? You are the president of Technik Inc Global competition and reduced market share have sent profits on a downward spiral, which will result in employee layoffs. Nearly 10 percent of the employees will be
laid off, effective in one week. They will receive two weeks' severance pay, accrued sick leave pay, and career consulting from the human resources department. Write an interoffice memorandum announcing this negative organization news.
Which of the following is authority given to the Federal Insurance Office created by the Dodd-Frank Act?
A) to represent the federal government in international discussions of insurance regulation B) to license and charter new insurance companies that plan to operate nationally C) to be the primary monitor of insurance company solvency D) to be the primary regulator of all aspects of insurance