The formula for nonstatistical sampling sample sizes provided by the AICPA:
A. includes a provision for the risk of incorrect acceptance.
B. must be used for nonstatistical sampling.
C. is largely based on the variation of items in the account.
D. includes a measure for the expected misstatement in the population.
Answer: D
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Which of the following is not included in the computation of the quick ratio?
a. inventory b. marketable securities c. accounts receivable d. cash
Under U.S. GAAP, which of the following is NOT an acceptable way to report plant assets?
A) at fair market value B) at book value C) as a single amount, with a note to the financial statements that provides detailed information D) with detailed information on the face of the balance sheet
Six months before filing for bankruptcy, Shirley sold her new car to her brother for $100 so that her creditors could not claim it. The market value of the car was $8,000 at the time of the sale. Under these circumstances, the transfer is ________.
A. voidable by the trustee because Shirley did not receive fair consideration for this transfer B. voidable by the creditors because it was done with intent to defraud the creditors C. not voidable because the transfer occurred between two relatives D. not voidable by the trustee because the transfer occurred 6 months before Shirley filed her bankruptcy petition
Are there reasons other than profitability for eliminating a product? Discuss.
What will be an ideal response?