Which of the following phrases or terms regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statement No. 2?
a. "amount of a misstatement or omission"
b. "in light of surrounding circumstances"
c. "probable that the judgement of a reasonable person"
d. "significantly altered the total mix of information available"
d
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With which of the following methods of accounting for a business combination does a minority interest category not arise?
a. Pooling of interests b. The purchase method c. The new entity approach d. Proportionate consolidation
A practitioner's unqualified (unmodified) opinion based upon an examination may ordinarily be on: Subject MatterAssertionA.YesYesB.YesNoC.NoYesD.NoNo
A. Option A B. Option B C. Option C D. Option D
Dewayne sold a space heater to Vivian, telling her it would heat a 200-square-foot area, even though he knew it would effectively heat only about one third of that space. Dewayne is liable for the intentional tort of fraud
a. True b. False Indicate whether the statement is true or false
A restrictive indorsement:
a. disclaims contract liability. b. removes warranty liability. c. attempts to restrict the rights of the indorsee in some fashion. d. always destroys negotiability.