The reported fair market value of securities held by the client can be verified by the auditor through which of the following procedures?
a. Comparing the values to those securities held by the auditing firm.
b. Confirming the fair values with the client as of the close of the year.
c. Comparing the fair values with the fair values of similar securities.
d. Comparing the fair values to credible publications and websites.
d
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Which of the following methods ignores residual value initially but eventually considers it in the calculation of depreciation?
a. Straight-line b. Double-declining-balance c. Group d. Production
To evaluate the performance of individual departments, interdepartmental transfers of a product should preferably be made at prices
a. equal to the market price of the product. b. set by the receiving department. c. equal to fully-allocated costs of the producing department. d. equal to variable costs to the producing department.
Based on the following data, calculate the breakeven point in dollars:Sales = $400,000Gross Profit = $100,000Transportation = $8,000Cost of Goods Sold = $280,000Expenses = $10,000Salary = $40,000
A. $133,333 B. $166,000 C. $232,000 D. $96,667 E. Cannot be calculated with the information provided
An individual purchases a product for the purpose of making a value decision. He or she is in the ________ stage of the product adoption process.
A. adoption B. evaluation C. interest D. trial E. awareness