An auditor wishes to perform tests of controls on an entity's cash disbursements procedures. If the control activities leave no audit trail of documentary evidence, the auditor most likely will test the procedures by
A. Inquiry and analytical procedures.
B. Confirmation and observation.
C. Observation and inquiry.
D. Analytical procedures and confirmation.
C. Observation and inquiry.
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In an unsolicited report
A) other people besides the writer have noticed the problem. B) the problem may need more explanation. C) the recommendation section appears early in the report. D) persuasion is not a concern of the writer.
Strods Company reported the following purchases and sales of its only product. Strods uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO.DateActivitiesUnits Acquired at CostUnits Sold at RetailMay 1Beginning Inventory270 units @ $12 5Purchase280 units @ $14 10Sales 200 units @ $2215Purchase160 units @ $15 24Sales 150 units @ $23
A. $5050 B. $4510 C. $4360 D. $4840 E. $5200
Under which Incoterms are the seller's responsibilities the lowest?
a. CFR b. FOB c. EXW d. DDP
Jacob owns a small landscaping business called DreamGreen. When buying a new pickup truck for his landscaping business, Jacob negotiated with Palmetto Dodge, a dealer, with the agreement that DreamGreen would be the service company Palmetto Dodge used for all of its landscaping needs. This is an example of
A. a new task purchase. B. a straight rebuy. C. a modified rebuy. D. reciprocity. E. a straight purchase.