E-mail has made telephone use obsolete in the corporate world
Indicate whether the statement is true or false
False
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According to professional audit standards, how might an understanding of the nature of fraud that may occur in the client organization be identified by an audit firm?
a. Fraud training courses from actual corporate fraud ex-criminals. b. Conducting a brainstorming session with the members of the audit team. c. Circulating a survey to the client company employees for completion. d. Discussions with other audit firms.
If marketable securities increase, then cash should usually decrease by a similar amount, since cash was probably used to purchase the securities. An exception to this is:
a. when the company paid through a check. b. when the marketable securities are purchased through a broker. c. when the company incurred debt or traded an asset for the securities. d. when the transaction was not recorded in the books of accounts.
Will and Brenda live in New York City are both aged 66 and always file a joint tax return. During the current year, they provide all the support for their son who is 20, has no income, and is a part-time college student. Their daughter, age 22 and a full-time student at Columbia University, has $4,800 as income. Which of the following is true of Will and Brenda's tax return?
A. Neither their son nor their daughter is a dependent. B. Only their daughter is a dependent. C. Only their son is a dependent. D. Both their son and their daughter are dependents.
Preemptive rights are
a. not legal in the majority of states. b. designed to prevent dilution of a shareholder's ownership in the company. c. required to be offered to shareholders by the Model Act. d. designed to indemnify managers who act in good faith.