A review report provides the user with which one of the following types of assurance?
a. Reasonable assurance.
b. Basic assurance.
c. Absolute assurance.
d. Limited assurance.
d
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Which of the following is the most serious limitation to financial statement analysis of publicly traded companies?
a. Some companies do not use GAAP. b. Inflation can distort comparisons between years. c. Some companies report nonoperating items such as extraordinary gains and losses, while others do not. d. Different industries use different account names.
The "incontestability clause" found in life insurance policies:
A. allows the insurer to contest its liability on the policy only if the policy has been in force for a specified period of time. B. allows the insurer to object on the basis of absence of insurable interest. C. bars the insurer from objecting on the basis of the purchase of the policy with the intent to murder the insured. D. bars an insured from reinstating a lapsed policy that has not been surrendered for its cash surrender value.
Assume that Meyer Corporation is 100 percent equity financed, and has the following information: (1) Earnings before taxes = $1,500; (2) Sales = $5,000; (3) Dividend payout ratio = 60%; (4) Total assets turnover = 2.0; (5) Applicable tax rate = 30% The firm's return on equity is:
A. 25%. B. 30%. C. 35%. D. 42%. E. 50%.
Laid off employees who have been working in an employment covered by the Social Security Act may get unemployment insurance benefits for up to __________ weeks.
A. 20 B. 22 C. 24 D. 26