An auditor plans to examine a sample of 20 checks for countersignatures as prescribed by the entity's internal control procedures. One of the checks in the chosen sample of 20 cannot be found. The auditor should consider the reasons for this limitation and:
A. evaluate the results as if the sample size had been 19.
B. treat the missing check in the same manner as the majority of the other 19 checks (i.e., countersigned or not).
C. choose another check to replace the missing check in the sample.
D. treat the missing check as a deviation for the purpose of evaluating the sample.
Answer: D
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Consider Table 11.1. Concerning the Tuesday quotations: compared to the cost of buying 100 pounds on the spot market, if 100 pounds were bought for future delivery, then in 180 days the dollar cost of the pounds would be
a. $3.40 higher. b. $3.40 lower. c. $6.80 higher. d. $6.80 lower.
In which of the following periods was labor productivity growth the slowest in the U.S. economy?
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The board of directors of Berweck Corporation declared a cash dividend on January 18, 2010, to be paid on February 18, 2010, to shareholders holding the stock on February 2, 2010 . Given these facts, the date February 2, 2010, is referred to as the
a. date of declaration. b. date of payment. c. ex-dividend date. d. date of record.
U.s. gaap
a. does not allow firms to amortize goodwill in measuring net income each period. b. requires that an annual test for impairment in the value of goodwill be performed each period. c. requires the write-down of goodwill and recognition of an impairment loss if an impairment in the value of goodwill exists. d. all of the above e. none of the above