Explain the reasoning behind the popularity of the values-based culture.
What will be an ideal response?
The argument in favor of a values-based culture is based on the fact that a compliance culture is only as strong and as precise as the rules with which workers are expected to comply. A values-based culture recognizes that where a rule does not apply, the firm must rely on the personal integrity of its workforce when decisions need to be made.
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Where would you tell someone to find the information needed to compute the cash flow adequacy ratio?
a. the balance sheet only b. the statement of cash flows and the notes to the statements c. the statement of cash flows only d. the income statement only
Blue Co., a privately-held entity, asked its tax accountant, Cook, a CPA in public practice, to reproduce Blue's internally-prepared interim financial statements on Cook's computer when Cook prepared Blue's quarterly tax return. Cook should not submit these financial statements to Blue unless, at a minimum, Cook complies with the provisions of:
A. statements on Responsibilities in Tax Practice. B. statements on Standards for Attestation Engagements. C. statements on Standards for Accounting and Review Services. D. statements on Responsibilities in Unaudited Financial Services.
Typically, when hiring people for front-line positions, employers look for people who are highly technical and then teach them customer service and teamwork skills on the job.
Answer the following statement true (T) or false (F)
The price at which goods are currently being sold is called the
a. market price. b. contract price. c. cover. d. tender price.