Believers favor stylish products that emulate the purchases of those with greater material wealth
Indicate whether the statement is true or false
FALSE
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Which of the following is not a reason why the auditor needs to take special care to review significant estimates in the financial statements?
a. Organizations may try to use the estimates to "smooth" earnings. b. Organizations may create hidden reserves in unusually good years that can be used in years when real profits do not meet expectations. c. Companies may underestimate liabilities or impairment of asset values to achieve reported earning goals in years when real profits to not meet expectations. d. Companies may try to overestimate liabilities in computing leverage ratios.
The use of the gross profit method assumes
a. the amount of gross profit is the same as in prior years. b. sales and cost of goods sold have not changed from previous years. c. inventory values have not increased from previous years. d. the relationship between selling price and cost of goods sold is similar to prior years.
Marketing activities should be of no interest to a nonprofit organization.
Answer the following statement true (T) or false (F)
An assumption of risk defense does not require that a risk be voluntarily assumed
a. True b. False Indicate whether the statement is true or false