Four essential elements are necessary to create a valid contract. Which of the following is not one of these elements?
a. Something of value must be given by each party.
b. The offeror and offeree must reach agreement.
c. The parties have the capacity to contract.
d. The agreement must be in writing.
D
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Which of the following procedures do third-party users of the audit report not expect the auditor to perform?
a. Evaluate measurements and disclosures made by management. b. Provide a biased evaluation of the financial statements. c. Determine whether financial statements are presented in accordance with GAAP. d. Gather sufficient appropriate evidence to support their opinion.
What is the partitioned database approach and what are its advantages?
Equipment is purchased for $80,000 . It has an eight-year useful life and a $39,250 residual value. Under the double-declining-balance method, what is the depreciation expense for year 3?
a. $11,250 b. $5,250 c. $5,750 d. $6,250
For selection purposes, it is critical that application items have a proven relationship between a selection device and some relevant criterion. This is called:
A) validity. B) fairness. C) reliability. D) equality. E) just.