Which of the following is NOT an example of an input?
a. labor hours
b. market demand
c. machine hours
d. number of workers
b. market demand
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Management representation letters Barrett Jennings, CPA, has prepared a letter of representation for the president and controller to sign. The following items are contained in it: (a) Inventory is fairly stated at the lower of cost or market and
includes no obsolete items. (b) All actual and contingent liabilities are properly included in the financial statements. (c) All subsequent events, relevant to the financial statements, have been disclosed. Required: (1) Why is it desirable to have a letter of management representation letter from the client concerning these matters when the evidence accumulated during the course of the audit is meant to verify the same information? (2) How is the letter of management representation useful as audit evidence? (3) What are several other types of information commonly included in the management representation letter?
The account manager of a market research firm is conducting secondary research on consumer preferences in energy drinks for his clients. His client's drink is 100 percent organic, but all of the secondary data he has found contains only beverages that contain a majority of artificial ingredients. This scenario illustrates the fact that secondary data ________.
A. are more expensive than primary data B. has high validity regardless of the methodology used C. will not fit the research problem exactly D. are always updated and current E. can alone provide specific answer to a research problem
If the straight-line method of amortization of discount on bonds payable is used, the amount of yearly interest expense will increase as the bonds approach maturity
Indicate whether the statement is true or false
Bradley asked his counterpart in a negotiation, "What is the basis for your proposed settlement offer?" This is an example of negotiating based on standards of legitimacy
Indicate whether the statement is true or false.