With respect to issuance of an audit report which is dual-dated for a subsequent event occurring after the completion of fieldwork but before issuance of the auditors' report, the auditors' responsibility for events occurring subsequent to the date of the audit report is:
A. Extended to include all events occurring through the date of submission of the report to the client.
B. Extended to include all events occurring until the date of the last subsequent event referred to.
C. Limited to all events occurring through the date of issuance of the report.
D. Limited to the specific event referred to.
Answer: D
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A corporation issues 1,500 shares of common stock for $ 32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
A) $15,000 B) $32,000 C) $17,000 D) $2,000
An "acknowledgment by a bank" that it has received money from a customer with a promise by the bank that it will repay the money received at a date specified or, in some instances, on demand is a:
a. draft certificate b. certificate of payment c. balloon certificate d. real estate certificate e. none of the other choices are correct
Pulp Faction is a supplier of paper products that is giving a new buyer short-term credit. What are the conditions it is imposing called?
A) promissory note B) terms of trade C) trade credit D) commercial paper E) net period
A ________ is an unincorporated association of two or more people to pursue a business for profit as co-owners.
What will be an ideal response?