Identify four factors that affect whether an industry does or does not present a company with a good business opportunity.
What will be an ideal response?
An industry's key success factors are those competitive factors that most affect industry members' ability to survive and prosper in the marketplace: the particular strategy elements, product attributes, operational approaches, resources, and competitive capabilities that spell the difference between being a strong competitor and a weak competitor-and between profit and loss.
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Which of the following is a condition which would not create a conducive situation for a client to take a physical inventory at an interim date before year end?
a. The control risk over inventory is high. b. The auditor will be able to review material transactions in the roll-forward period. c. The auditor can effectively test the year-end balance through a combination of analytical procedures and selective testing of transactions between the physical count and the year-end. d. The auditor reviews the intervening transactions for evidence of any manipulation or unusual activity.
All of the following are steps in an IT audit except
a. substantive testing b. tests of controls c. post-audit testing d. audit planning
Which of the following stockholders' equity disclosures are required under both GAAP and IFRS?
A. restrictions on the repayment of capital B. reacquired shares and rights C. share reserved for future issuances under sales contracts D. revaluation reserve
Orange Office Supply Corporation completed the following stock issuance transactions
Mar. 28 Issued 5,000 shares of $4 stated value common stock for cash of $20 per share May 1 Received merchandise inventory with a market value of $46,000 in exchange for 2,000 shares of the $4 stated value common stock. May 14 Issued 450 shares of 5%, $20 par value preferred stock for $50 per share Prepare the journal entries to record these transactions. Explanations are not required. What will be an ideal response