Engagement risk can be eliminated by:
A. lowering materiality.
B. establishing policies for client acceptance and continuance.
C. lowering audit risk.
D. Engagement risk cannot be eliminated.
Answer: D
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James Company buys 100 percent of the outstanding stock of Maier Company for $650,000 . Maier Company has contributed capital of $420,000 and retained earnings of $180,000 . The fair market value of Maier's identifiable net assets was equal to their book value on the date of acquisition. The consolidated financial statements would contain
a. neither minority interest nor goodwill. b. goodwill but not minority interest. c. minority interest but not goodwill. d. minority interest and goodwill.
How has the adoption of codes of ethics by businesses changed over time?
a. Survival of the fittest has led fewer businesses to abide by their own codes of ethics. b. Since the 1960s, vastly more businesses have adopted them to be more in line with public and industry expectations. c. The rate of adoption by businesses has remained roughly the same since the 1960s. d. The superficial adoption of codes of ethics has increased, while moral expectations of business has decreased.
Technology is the application of knowledge and tools to solve problems and perform tasks more efficiently.
Answer the following statement true (T) or false (F)
The personal-selling process includes all of the following except:
A. prospecting. B. approaching the prospect. C. answering objections. D. providing a product sample. E. making the presentation.