When auditing merchandise inventory at year-end, the auditor performs audit procedures to obtain evidence that no goods held on consignment are included in the client's ending inventory balance. This audit procedure provides assurance about which management assertion?
A. Completeness.
B. Existence.
C. Valuation and allocation.
D. Rights and obligations.
E. Occurrence.
Ans: D. Rights and obligations.
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A collateral contract involves:
A. two parties and two promises, both of which are conditional. B. three parties and two promises, both of which are conditional. C. two parties and three promises, one of which is conditional. D. three parties and two promises, one of which is conditional.
Ford Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. There were no other equipment purchases or sales during the year. The following selected information is available for Ford Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.At December 31Year 2Year 1Equipment$600,000 $750,000 Accumulated Depreciation-Equipment 428,000 500,000
A. $40,000. B. $38,000. C. $36,000. D. $32,000. E. $68,000.
The doctrine of adverse possession requires the delivery of deed for transfer of property to be valid
Indicate whether the statement is true or false
This motivational theory tested individuals’ responses to a series of pictures to help explain their actions because it was based on the fact that “If you want to find out what’s on a person’s mind, don’t ask him because he can’t always tell you.”
a. McClelland’s achievement theory b. Herzberg’s theory c. Expectancy theory d. Maslow’s theory