The principle of lower of cost or market and the potential obsolescence of inventory are a concern for the audit team because of which of the following?
a. They are uncommon and may not exist.
b. They are a burden to the auditor in the undue amount of work caused.
c. They are likely to occur in the last month of the year and cause cutoff problems.
d. They are an inherent component of complexity related to valuation.
d
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Departmental reports are included in official financial statements submitted to the federal government
Indicate whether the statement is true or false
Public utilities are considered to be legal monopolies
Indicate whether the statement is true or false
Any local check deposited must be available for withdrawal by check or as cash within not more than five business days from the date of deposit.
Answer the following statement true (T) or false (F)
Monique Penn makes stunningly expensive one-of-a-kind bracelets at luxury stores such as Bergdorf-Goodman. Portions of the proceeds from the sales of its jewelry go to support the Alaska Native Arts Foundation, which trains and educates indigenous people and to Charity Water, a nonprofit organization with a mission to bring clean water to impoverished people. Imagine someone is motivated to buy a piece of her jewelry in order to benefit one of the above nonprofits. This customer wants to ask Penn the "Five Questions to Ask before Participating in a Cause-Related Marketing Program. " Which question would Monique Penn have the most trouble answering candidly?
A. Is the company committed? B. How is the program structured? C. How will the organization that benefits use my money? D. Does she find the program meaningful? E. Who does this program benefit?