The ________ is a rule which states that if an engagement is broken off, the person who was given the engagement ring must return the ring, regardless of which party broke off the engagement
A) fault rule
B) objective rule
C) pro se rule
D) abatement rule
B
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Which of the following best illustrates the concept of sampling risk?
A. An auditor may select audit procedures that are not appropriate to achieve the specific objective. B. An auditor may fail to recognize errors in the documents examined for the chosen sample. C. A randomly chosen sample may not be representative of the population as a whole (regarding the characteristic being tested). D. The documents related to the chosen sample may not be available for inspection.
Explain the concept of discretionary access privileges
Shimko Corporation's most recent comparative balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$26? $24? Accounts receivable 78? 64? Inventory 60? 66? Property, plant, and equipment 733? 650? Less accumulated depreciation 309? 274? Total assets$588? $530? Liabilities and stockholders' equity: Accounts payable$58? $39? Bonds payable 357? 390? Common stock 59? 50? Retained earnings 114? 51? Total liabilities and equity$588? $530? Income StatementSales$640?Cost of goods sold 395?Gross margin 245?Selling and administrative expense 150?Net operating income 95???Income
taxes 31?Net income$64??The company paid a cash dividend of $1 and it did not dispose of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock.The net cash provided by (used in) operating activities for the year was: A. $95 B. $110 C. $141 D. $129
Describe the role of the managerial accountant within an organization