Inherent risk refers to the susceptibility of an assertion about a class of transaction, account balance, or disclosure to a misstatement that could be immaterial, either individually or when aggregated with other misstatements, before consideration of any related controls
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Pepper Corporation owns 75 percent of Salt Company's voting shares. During 20X8, Pepper produced 50,000 chairs at a cost of $79 each and sold 35,000 chairs to Salt for $90 each. Salt sold 18,000 of the chairs to unaffiliated companies for $117 each prior to December 31, 20X8, and sold the remainder in early 20X9 to unaffiliated companies for $130 each. Both companies use perpetual inventory systems.Based on the information given above, what amount of cost of goods sold must be reported in the consolidated income statement for 20X8?
A. $2,765,000 B. $2,963,000 C. $1,620,000 D. $1,422,000
For a bank, a credit check of a loan applicant is an example of a batch-level activity
Indicate whether the statement is true or false
Which of the following is NOT an aspect of ING Direct's no-frills strategy?
a. High interest rates b. Offers only a handful of basic products c. Lures low-maintenance customers d. Firing customers who don't fit the profile e. Increased contact with the bank
When checking out the microphone:
a. walk to all parts of the room you might be in b. have an assistant listen c. both of the above d. none of the above