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Indicate whether the statement is true or false
TRUE
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Final Analytical Procedures and Disclosures When auditing Global Alliance Industries, Inc, the auditor performed extensive analytical procedures and found the following: (a) The commission expenses as a percentage of sales has stayed constant for
several years, but has increased significantly in the current year. However, commission rates have not changed. (b) The rate of inventory turnover has steadily decreased for the past four years. (c) The inventory as a percentage of current assets has steadily increased for the past four years. (d) The number of days' sales in accounts receivable has steadily increased for three years. (e) The allowance for uncollectible accounts as a percentage of accounts receivable has steadily decreased for three years. (f) The absolute amounts of depreciation expense and depreciation expense as a percentage of gross fixed assets are significantly smaller than in the preceding year. REQUIRED: (1) Evaluate the significance of not disclosing or adjusting these items, if material, in the fair presentation of financial statements. (2) When assessing disclosures, what criteria do auditors use?
Mali is a lower-level employee of extreme popularity among her coworkers. Her demeanor and behavior and accomplishments are such that others often try to emulate her. Using the classification system of John French and Bertram Raven, which kind of power does she have?
a. referent b. coercive c. expert d. legitimate
Mallard Corporation uses the product cost concept of product pricing. Below is cost information for the production and sale of 45,000 units of its sole product. Mallard desires a profit equal to a 12% rate of return on invested assets of $800,000. Fixed factory overhead cost $82,000 Fixed selling and administrative costs 45,000 Variable direct materials cost per unit 5.50 Variable direct labor
cost per unit 7.65 Variable factory overhead cost per unit 2.25 Variable selling and administrative cost per unit .90 The markup percentage on product cost for the company's product is: A) 23.4% B) 10.98% C) 26.1% D) 18%
In PERT, we assume that
A) the times to complete individual activities are known with certainty. B) all activities are carried out by staff from our own organization. C) the total cost of a project is independent of the time to complete the project. D) the total time to complete all activities on the critical path is described by a normal distribution. E) None of the above