Use open-ended (yes/no) questions when you need quick clarification on a point. _________________________
Answer the following statement true (T) or false (F)
False
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In auditing accounts receivable, the negative form of confirmation request most likely would be used when:
A. recipients are likely to return positive confirmation requests without verifying the accuracy of the information. B. the combined assessed level of inherent and control risk relative to accounts receivable is low. C. the auditor performs a dual purpose test that assesses control risk and obtains substantive evidence. D. a small number of accounts receivable are involved but a relatively large number of errors are expected.
Caleb is driving a car in which Duffy is a passenger when an accident occurs. Caleb and Duffy are emotionally rattled, but neither is physically hurt. Caleb is not liable to Dufy on a negligence theory because A) both parties were emotionally rattled
B) Caleb did not apparently intend to cause an accident. C) Duffy must have been comparatively negligent. D) Duffy was not injured.
Which of the following is true of profits and losses in a general partnership?
A. By law, it is presumed that the proportion of profits shared is equal to the general partner's initial investment. B. Unless otherwise agreed, losses are shared equally by all general partners. C. The general partner who proposed the idea of the business receives the greatest share of profits. D. The proportion of investment governs only the proportion of losses shared and not profits obtained.
The degree of operating leverage varies with the level of
A) fixed assets. B) total debt. C) accumulated depreciation. D) total equity. E) monopoly power.