Which of the following assertions is the primary assertion that is satisfied by physically observing the client's count of inventory?
a. Rights.
b. Valuation.
c. Completeness.
d. Existence.
d
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When compared to a corporation, one of the major disadvantages of the partnership is its limited life
a. True b. False Indicate whether the statement is true or false
If the amount of uncollectible accounts expense is understated at year end,
a. net Accounts Receivable will be understated. b. total liabilities will be overstated. c. net income will be understated. d. Allowance for Uncollectible Accounts will be understated.
Where rigid uniformity is in effect, the underlying reasons may be attributable to all but which one of the following factors?
a. A desire for conservatism b. An inability of the standard-setting organization to determine meaningful relevant circumstances c. An attempt to increase representational faithfulness of the measurement d. Recognition of the fact that an allocation is involved
The number of nurses and doctors that a hospital may need on any given day depends not only on the number of patients but also on the types of patient care required. This is an illustration of which of the following statements?
A. Services cannot be inventoried. B. Services have low demand volatility. C. Services require skilled labor. D. Capacity required for services is hard to predict.