Auditors cannot protect themselves from liability to third parties by issuing a qualified or an adverse opinion
a. True
b. False
Indicate whether the statement is true or false
False
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SFAS No. 123 was issued as a compromise to the FASB's original position regarding stock options as it:
A. allowed companies to choose either the APB No. 25 approach or expense the fair value of the options. B. abandoned any reference to recognition of expense for options. C. required companies to measure the fair value of stock options and charge this to expense. D. required companies to continue following the approach used in APB No. 25.
Under the periodic inventory method, the merchandise inventory account is debited when purchases of merchandise are made throughout the year
Indicate whether the statement is true or false
In the distributed data processing approach
a. computer services are consolidated and managed as a shared organization resource b. the computer service function is a cost center c. the end users are billed using a charge-back system d. computer services are organized into small information processing units under the control of end users
The following sentence represents an audience focus: Our product guarantee becomes effective after we receive full payment
Indicate whether the statement is true or false