Which of the following is not one of the broad principles underlying the accountant's code of professional ethics?
a. Objectivity
b. Integrity
c. Loyalty
d. Independence
C
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The AICPA's Statements on Auditing Standards can be described as:
A. similar to financial accounting standards in that they are developed by the government. B. providing very specific guidance about the specific activities an auditor must perform on each engagement. C. tend to be general in nature and require a great deal of professional judgment. D. providing assurance that an auditor will not issue an incorrect opinion.
At the end of 2013, Clock Products, Inc determined that one of its patents was worthless. The patent had a cost of $300,000 . The patent had been amortized for 5 years of its estimated 15-year legal life. Which of the following statements is correct?
a. Clock Products must continue to amortize the patent over its remaining 10 years of life. b. The patent must be reduced to 5/15, or 33.3% of its original cost and amortized over the remaining 10 years. c. The remaining unamortized cost must be removed from the accounting records and treated as a loss on the income statement. d. Clock Products must correct its financial statements for the past five years, so that the entire cost is allocated to that five-year period.
None of the Stockholders' Equity accounts are affected by the stock split
a. True b. False Indicate whether the statement is true or false
According to Maslow, which of the following is the base need for humans’ motivations and desires?
A) Love B) Safety C) Physiological D) Esteem