The auditor should consider all of the following when deciding whether substantive procedures will be performed at an interim date except:
A. scheduling conflicts in the audit firm that make interim testing more convenient.
B. the control environment and other relevant controls.
C. the assessed risk of material misstatement.
D. the purpose of the substantive procedure.
Answer: A
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Which of the following is an advantage of manufacturer storage with direct shipping?
A) Transportation costs are low because the average outbound distance to the end consumer is small and package carriers are used to shipping the product. B) Supply chains save on the fixed cost of facilities, because the need for other warehousing space in the supply chain has been eliminated. C) Response times tend to be small because the order has to be transmitted from the retailer to the manufacturer. D) Order tracking is easy to implement because of the complete integration of information systems at both the retailer and the manufacturer.
Medical informatics combines traditional medical research with ____.
A. art B. biology C. physics D. computer science
Which of the following is true of an auditor of a corporation?
A. The auditor must be an independent certified public accountant. B. The auditor cannot use information about the corporation from third parties. C. The auditor cannot inspect the corporation's real property unless he or she is closely associated with the company. D. The auditor must provide a qualified opinion wherever possible, since it helps the company in its business practices.
A farmer sows a certain crop. It costs $240,000 to buy the seed, prepare the ground, and sow the crop. In one year's time it will cost $93,200 to harvest the crop. If the crop will be worth $350,000, and the interest rate is 7%,
what is the net present value (NPV) of this investment? A) $240,000 B) $87,103 C) $0 D) $567,103