Generalized audit software packages perform all of the following tasks except
a. recalculate data fields
b. compare files and identify differences
c. stratify statistical samples
d. analyze results and form opinions
D
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When an entity reports on a sale of a component of the business
A) any income or loss from operations of the component should be reported in the income from continuing operations section, but any gain or loss on the sale of the component should be presented below the income from continuing operations section. B) current operating income or loss of the component and any gain or loss on sale of the component should be presented in a separate section of the income statement. C) any gain or loss on the sale should always be presented as a component of other comprehensive income. D) all information related to the sold component should be reported solely in the footnotes accompanying the financial statements.
The following transactions apply to Wilson Fitness Center for Year 1.1) Started the business by issuing $48,000 of common stock for cash.2) Provided services to clients and received $65,500 cash.3) Borrowed $10,500 from the bank.4) Paid $8,500 for rent of equipment.5) Purchased land for $15,000.5) Paid $46,600 of salary expense.6) Cash dividends of $4,000 were paid to the stockholders.Required: a) What are the total assets of the business at the end of Year 1?b) Prepare a statement of cash flows for Year 1.
What will be an ideal response?
If employees are working effectively in teams and sharing their knowledge and learning from each other, they will be ________ to add value to the firm and they also will be ________ to leave the organization because of the loyalties and social ties that they develop over time.
A. more likely; less likely B. less likely; less likely C. less likely; more likely D. more likely; more likely
Which of the following statements is CORRECT?
A. Under normal conditions, a firm's expected ROE would probably be higher if it financed with short-term rather than with long-term debt, but using short-term debt would probably increase the firm's risk. B. Conservative firms generally use no short-term debt and thus have zero current liabilities. C. A short-term loan can usually be obtained more quickly than a long-term loan, but the cost of short-term debt is normally higher than that of long-term debt. D. If a firm that can borrow from its bank at a 6% interest rate buys materials on terms of 2/10, net 30, and if it must pay by Day 30 or else be cut off, then we would expect to see zero accounts payable on its balance sheet. E. If one of your firm's customers is "stretching" its accounts payable, this may be a nuisance but it will not have an adverse financial impact on your firm if the customer periodically pays off its entire balance.