There can be ratification of an act done in the name of a corporation that was not in existence when the act was done.
Answer the following statement true (T) or false (F)
False
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In determining the sample size for a test of controls, an auditor should consider the expected population deviation rate, desired confidence level, and the:
A. tolerable deviation rate. B. population size. C. risk of incorrect acceptance. D. nature and cause of deviations.
Answer the following statements true (T) or false (F)
According to SFAC No. 4, “earnings” is the indicator of a non-business organization’s performance that is comparable to “income” in the profit sector.
Answer the following statements true (T) or false (F)
1.Despite younger leaders and older leaders growing up in quite different eras, their formative experiences with respect to leadership are remarkably similar. 2.Charismatic leadership in whatever its form constitutes a moral “slippery slope.” 3.Leadership is always provided by those in formal positions of authority. 4.To provide leadership in moving a group in a new direction, a leader does not have to exercise power or control.
Ship Shape Marine (SSM) needs $92 million to support future growth. If SSM issues bonds to raise funds, flotation (issuance) costs will be 8 percent. Each bond will be sold for $1,000; fractions of bonds cannot be issued. How many bonds must be issued so that SSM has $92 million after flotation costs to use for its planned growth?
A. 99,360 B. 92,000 C. 100,000 D. 84,640 E. 108,000