All of the following concepts are associated with the black box approach to auditing computer applications except
a. the application need not be removed from service and tested directly
b. auditors do not rely on a detailed knowledge of the application's internal logic
c. the auditor reconciles previously produced output results with production input transactions
d. this approach is used for complex transactions that receive input from many sources
D
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Costs are incurred to produce future benefits
Indicate whether the statement is true or false
Name three applications of present and future value concepts to stocks
What will be an ideal response?
On June 1, Year 1, Jack Associates collected $48,000 cash for consulting services to be provided for one year beginning immediately. Based on this information, which of the following shows how the required adjustment on December 31, Year 1, would affect Jack's ledger accounts? Assets=Liabilities+Stockholders' Equity CashPrepaidRent UnearnedRevenue CommonStockRetainedEarningsA. (28,000) 28,000B. 20,000 (20,000)C. (20,000) 20,000D. 28,000 (28,000)
A. Option A B. Option B C. Option C D. Option D
The final legal paper filed in an adoption proceeding is called the __ __________
Fill in the blank(s) with the appropriate word(s).