Omar hires Petra, a real estate broker, to act as his agent to sell his land for $150,000. Oil is discovered beneath the land, causing its market value to increase considerably. The agency agreement is likely
A. still in force if Omar gives Petra additional consideration.
B. still in force if Petra does not tell prospective customers.
C. terminated by mutual consent of the parties.
D. terminated by operation of law.
Answer: D
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In testing plant and equipment balances, an auditor may inspect new additions listed on the analysis of plant and equipment. This procedure is designed to obtain evidence concerning management's assertion(s) about:
A. existence. B. presentation. C. both (1) presentation and (2) existence. D. neither (1) presentation nor (2) existence.
All the employees of ABC Company are assigned ID numbers. The ID number consists of the first letter of an employee's last name, followed by four numbers. a.How many possible different ID numbers are there?b.How many possible different ID numbers are there for employees whose last name starts with an A?
What will be an ideal response?
The term "intangible assets" is used in accounting to denote
a. current or noncurrent property items without physical characteristics. b. assets with lesser economic significance because of the nature of such assets. c. such items as patents, copyrights, and claims against customers which can be valued on a monetary basis. d. properties without physical characteristics that have long-term effects on a business enterprise.
_______ systems enable a company to monitor calls and evaluate analyst performance or tape calls for security purposes.
Fill in the blank(s) with the appropriate word(s).