Which contract would ordinarily be considered illegal?
a. Paying a fee for a license in a state where the purpose of the licensing statute was merely to raise revenue for the state.
b. A contract between a minor and an adult for the sale of real estate.
c. A contract made by an intoxicated person.
d. Paying your state senator $10,000 to vote in favor of a bill you have an interest in.
D
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Which of the following factors is not relevant when assessing identified internal control deficiencies?
a. Weaknesses in the control environment. b. The absence of a material misstatement in the financial statements. c. Volume of transactions affected by the deficiency. d. Effectiveness of oversight/governance.
Answer the following statements true (T) or false (F)
Benefits in a defined benefit plan may be based on either career average or final average salary.
If the amount assigned to ending inventory is incorrect, then:
A) the balance sheet is affected, but the income statement is not. B) the income statement is affected, but the balance sheet is not. C) the balance sheet is affected, but cost of goods sold is not. D) both the balance sheet and income statement are affected.
_____________ uses market data to estimate future values.
A. A licensee B. A least developed organization C. Market segmentation D. Trend analysis