Capital and operating expenditure budgets do not reflect which cost?
a. insurance
b. opportunity costs
c. employee fringe benefits
d. mortgage interest
b
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Why do auditors need to understand the organizational structure of the business?
One definition of earnings management is that it occurs when managers use
a. judgment in financial reporting to alter financial reports to mislead stakeholder. b. an accounting method that is inconsistent with other industry members. c. more conservative accounting estimates than other companies. d. pro forma accounting results as opposed to GAAP results.
The cross-border flow of people migrating from one country to another is known as _______________________________.
Fill in the blank(s) with the appropriate word(s).
Luke owns a farm near Marshalltown, Iowa, with stands of trees serving as windbreaks. Luke grows corn on the property. When Luke sells the farm to Nina, if the contract does not specify otherwise, the sale includes
A. neither the crops nor the trees. B. the crops and the trees. C. the crops only. D. the trees only.