One fact that makes the confidentiality rules more difficult to apply to the corporate context is that corporations consist of _________________
Fill in the blank(s) with the appropriate word(s).
constituents
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The auditor may discover that the recorded cost of inventory exceeds the designated market price when testing which assertion?
a. Existence. b. Cutoff. c. Valuation. d. Rights.
Which of the following is most likely to be classified as a variable cost?
A) Factory rent B) Factory insurance C) Direct materials D) Depreciation of factory building
In a capital budgeting problem, if either project 1 or project 2 is selected, then project 5 cannot be selected. Which of the alternatives listed below correctly models this situation?
A) x1 + x2 + x5 ? 1 B) x1 + x2 + x5 ? 1 C) x1 + x5 ? 1, x2 + x5 ? 1 D) x1 - x5 ? 1, x2 - x5 ? 1
Faust Company uses the perpetual inventory system. Faust sold goods that cost $2,300 for $3,600. The sale was made on account. What is the net effect of the sale on the company's financial statements? (Consider the effects of both parts of this event.)
A. Increase total assets by $2,300 B. Increase total assets by $3,600 C. Increase total stockholders' equity by $3,600 D. Increase total assets by $1,300