Standardized service firms provide unique data to clients through a standardized service process
Indicate whether the statement is true or false
TRUE
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The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:The service cost was $750,000 during 2018 and $1,125,000 during 2019. The contribution to the pension plan was $600,000 on December 31, 2018 and $1,200,000 on December 31, 2019. The actuarially determined discount rate and the expected return on plan assets are both 10%. The actual return on plan assets was 10.5%. Retirement benefits pertaining to years of service prior to 2018 were not granted to the employees. What is the pension expense for the year ended December 31, 2019?
A. $1,137,000 B. $1,200,000 C. $1,065,000 D. $1,140,000
While watching a popular film that was made in the early part of the 1900s, Jessica notices that the characters often refer to one another and other characters as “feeling gay.” Jessica decided to ask her grandmother about the word usage and was surprised to learn which of the following applies to that usage?
A. Words have concrete meaning that never changes. B. All speakers of a language attach the same meanings to words. C. All words are used across all geographic regions of a culture. D. The meanings that words trigger in people’s minds may change with time.
In monetary-unit sampling, population size is:
A. the dollar balance in an account. B. unrelated to sample size. C. the number of items in an account. D. included in the denominator of the formula to determine sample size.
Which one of the following issues need not be addressed when planning an audit sample to test control procedures?
a. Audit objective of the test. b. Minimum failure rate. c. Expected population deviation rate. d. Auditor's allowable risk of assessing control risk too low.