Which of the following is true?
a. In the CBIS environment, auditors gather evidence relating only to the contents of databases, not the reliability of the computer system.
b. Conducting an audit is a systematic and logical process that applies to all forms of information systems.
c. Substantive tests establish whether internal controls are functioning properly.
d. IT auditors prepare the audit report if the system is computerized.
B
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Atlas camera division produces a range of professional quality 35mm and consumer-friendly digital cameras
The 35mm market is rapidly declining and the faster-growing digital camera segment is saturated with competition, so Atlas is struggling with sales. Identify the marketing tasks the management team would need to address to make Atlas competitive in the digital camera space.
Acme Corporation acquires Fisher Corporation's assets in a Type A reorganization for $800,000 of Acme's nonvoting preferred stock and $200,000 (face amount and FMV) of securities. The assets have an adjusted basis of $600,000 and an FMV of $1,500,000. In addition, Acme Corporation assumes $500,000 of Fisher's liabilities. At the time of the transfer, Acme's E&P is $400,000. Fisher distributes the
stock and securities to its sole shareholder Barbara for all of her Fisher stock. After the reorganization, Barbara owns 25% of Acme's stock. Barbara has an adjusted basis of $400,000 in her Fisher stock. Barbara must recognize a gain of A) $0. B) $200,000 dividend income. C) $200,000 capital gain. D) $650,000 capital gain.
The Sales account is classified as
A. a liability account. B. an asset account. C. a contra revenue account. D. a revenue account.
Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This is known as ________.
A) variable costs B) cost-plus pricing C) value-based pricing D) break-even price E) penetration pricing