Which assertion is generally the most relevant when auditing the restrictions contained in debt obligations?
a. Completeness.
b. Valuation.
c. Proper presentation and disclosure.
d. Existence.
c
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According to the text, what is an ethical responsibility of a research agency?
A) To use all forms of data, as well as data obtained from any source - internal or external. B) Discussion about all issues surrounding the relevance and accuracy of the secondary data used with the client should be done only when required by law. C) After a detailed analysis of secondary data has been conducted, the researcher should reexamine the collection of primary data stipulated in the proposal. D) Privacy related to the client's issues are not as important as safe keeping of the client's databases. E) B and D are valid statements.
Reggie owns all the stock of Amethyst, Inc. (adjusted basis of $100,000). If he receives a distribution from Amethyst of $90,000 and corporate earnings and profits are $15,000, Reggie has a capital gain of $5,000 and an adjusted basis for his Amethyst stock of $0.
Answer the following statement true (T) or false (F)
In the states that recognize holographic wills, such wills will be valid if:
A. they are in the handwriting of the testator. B. the material portions in the will are typed. C. they do not evidence testamentary intent. D. they are typed and evidence testamentary intent.
Which of the following is an example of a local public?
A) a community organization that addresses welfare issues in its neighborhood B) a supplier responsible for sourcing most of the raw materials used in production C) a company director who is working to improve the organization's public image D) a bank that helps a company acquire loans E) a federal regulatory agency that monitors business practices