Relevant information can be quantitative or qualitative. In deciding whether to go to college part-time or full-time, which of the following is a qualitative factor for a student?
a. The cost of tuition
b. The opportunity to make friends
c. The price of football tickets
d. "Good Student" discounts on auto insurance rates.
b
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Recording revenues and expenses directly in the Retained Earnings account suppresses information about the causes of net income
Indicate whether the statement is true or false
A buyer of $7,000 in merchandise inventory failed to take advantage of the vendor's credit terms of 2/15, n/45, and instead paid the invoice in full at the end of 45 days. By not taking advantage of the cash discount, the buyer lost the discount of:
A. $1,050. B. $140. C. $100. D. $700. E. $70.
If the financial statements cannot be relied upon because they contain one or more material departures from GAAP, what type of opinion will the auditor issue?
A. Qualified opinion B. Disclaimer of opinion C. Unqualified opinion D. Adverse opinion
The standards for malpractice are the same for accountants who are full-time employees, as well as independent outside auditors
Indicate whether the statement is true or false