For effective cash control, deposits should be made at least 2 or 3 times per week
Indicate whether the statement is true or false
false
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Which of the following is not a reason why the auditor needs to take special care to review significant estimates in the financial statements?
a. Organizations may try to use the estimates to "smooth" earnings. b. Organizations may create hidden reserves in unusually good years that can be used in years when real profits do not meet expectations. c. Companies may underestimate liabilities or impairment of asset values to achieve reported earning goals in years when real profits to not meet expectations. d. Companies may try to overestimate liabilities in computing leverage ratios.
Persuasion is traditionally a ______ process.
a. step-by-step process b. one-step process c. two-step process d. continuous flux
What does the use of the shortest processing time sequencing rule generally produce?
A) maximum average lateness B) maximum utilization C) maximum effectiveness D) minimum average flow time E) B and D
Which of the following statements concerning the principle of accounting conservatism is true?
A. According to the tax law principle of conservatism, taxpayers should deduct expenses and losses in the earliest reasonable year. B. According to the tax law principle of conservatism, taxpayers should deduct expenses and losses in the same year as they are reported on the taxpayers' financial statements. C. According to the GAAP principle of conservatism, financial statements should report expenses and losses in the earliest reasonable year. D. The GAAP principle of conservatism tries to prevent the overstatement of book income and the understatement of taxable income.