Answer the following statements true (T) or false (F)
1. Working papers of continuing audit interest usually are filed with the administrative working papers.
2. The use of lead schedules is designed to increase the detail of the working trial balance.
3. Adjusting journal entries are ordinarily recorded by the client, while reclassifying journal entries need not be recorded.
1. FALSE
2. FALSE
3. TRUE
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Describe the situational-judgment test and some of its advantages.
What will be an ideal response?
Gnome Company is deciding whether to continue to manufacture a component or to buy the component from a supplier. Which of the following is relevant to this decision?
A) the potential uses of the facilities that are currently used to manufacture the component B) the insurance on the manufacturing facility that will continue regardless of the decision C) fixed costs that do not differ between the alternatives D) the cost of the equipment that is currently being used to manufacture the component
Which of the following is NOT an uncontrollable element for international marketers?
a. Research decisions b. Political instability c. Economic climate d. Cultural problems
Which of the following is true of undue influence?
A) It occurs when one party threatens to cause physical harm to another. B) It refers to one party injuring another financially to influence him to enter into a contract. C) It takes place between people who are not known to each another. D)It refers to a person in a special relationship causing another's action contrary to free will.