A city ordinance intended to criminalize begging or loitering would be an example of a specific power of government, called the _________________
Fill in the blank(s) with correct word
police power
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Which of the following is NOT a primary control procedure to minimize the occurrence of fraud?
a. Dual custody b. Systems of authorization c. Internal audit department d. Documents and records
Which of the following statements is not true about materiality judgments?
a. The auditor's consideration of materiality is influenced by the auditor's perception of the needs of users of financial statements. b. The auditor considers materiality only in relation to classes of transactions, account balances, and disclosures. c. Materiality judgments are used to help the auditor gather sufficient appropriate evidence about whether the financial statements are free of material misstatement. d. Materiality decisions differ from one audit client to another.
Gulfcoast Company purchased a van on January 1, 2019, for $930,000. Estimated life of the van was five years, and its estimated residual value was $95,000. Gulfcoast uses the straight-line method of depreciation. Calculate the book value of the van at the end of 2019.
A) $755,625 B) $871,875 C) $835,000 D) $763,000
Which of the following exemplifies a pure competitive market?
A) a market where many buyers and sellers trade over a range of prices rather than a single market price B) a market where a single firm controls the larger fraction of the market share C) a market where a few powerful firms control the larger fraction of the market share D) a market characterized by only a few large sellers E) a market where many buyers and sellers trade in a uniform commodity