Test counts are performed by the auditor to give the impression of control and they are not used for substantive testing
a. True
b. False
Indicate whether the statement is true or false
False
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Financial accounting information is reported periodically, primarily at the end of each fiscal year. When is managerial accounting information reported to managers of an organization?
What will be an ideal response?
Mary buys a lottery ticket and promises to buy her friend Sharon a new pair of shoes if she checks the lottery results while Mary is away. Sharon agrees to do so, provided she has the time for it. What kind of contract do Mary and Sharon have?
A) preexisting duty B) past consideration C) illegal consideration D) illusory promise
The ________ states that the intent to contract is judged by the reasonable person standard and not by the subjective intent of the parties
A) Restatement of the Law of Contracts B) Restatement (Second) of Contracts C) objective theory of contracts D) common law of contracts
The U.S. Fish and Wildlife Service utilizes notice-and-comment rulemak-ing. This involves a period during which
a. judges, legislators, and the president are asked about a proposed rule. b. potential violators of a proposed rule are notified and publicized. c. the administrators "notice" a problem and "comment" on it. d. the public is asked to comment on a proposed rule.