Identify the account below that impacts the equity of a business:
A. Unearned Revenue
B. Cash
C. Utilities Expense
D. Accounts Payable
E. Accounts Receivable
Answer: C
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The sufficiency of evidence refers to the quality of audit evidence.
Answer the following statement true (T) or false (F)
Identify whether the following tests are substantive analytical procedures, tests of details of transactions, or tests of details of account balances:1) Test a sample of purchase requisitions for proper authorization.2) Test transactions around year-end to determine if they are recorded in the proper period.3) Review results of confirmation of selected accounts payable.4) Compare payables turnover to previous years' data.5) Obtain selected vendors' statements and reconcile to vendor accounts.6) Compare purchase returns and allowances as a percentage of revenue or cost of sales to industry data.
What will be an ideal response?
Which of the following is the first element in the Foursquare Protocol for ethical decision-making?
A. identifying the differences between the present and the past B. analyze the situation C. gathering all the facts D. reflecting on past experiences
In business, the ritual of gift giving is a way to
A. publicly acknowledge interrelationships and obligations. B. show fondness. C. unfairly influence or bribe prospective customers/clients. D. give a huge advantage for international managers.