An accountant's report expressing an opinion on an entity's internal controls should state that
A. Only those controls on which the accountant intends to rely for purposes of the financial
statement audit were reviewed, tested, and evaluated.
B. The establishment and maintenance of the internal controls is the responsibility of
management.
C. The study and evaluation of the internal controls was conducted in accordance with
generally accepted auditing standards.
D. Distribution of the report is restricted for use only by management and the board of
directors.
B. The establishment and maintenance of the internal controls is the responsibility of
management.
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A ____________________ accountant is employed by a specific firm to operate its accounting system and interpret accounting information.
Fill in the blank(s) with the appropriate word(s).
Working capital is current assets minus current liabilities.
Answer the following statement true (T) or false (F)
The balances of select accounts of Stephanie, Inc. as of December 31, 2016 are given below
Debit Credit Building $100,000 Cash 8,000 Office Supplies 800 Furniture 6,000 Prepaid Insurance 500 Accumulated Depreciation-Furniture $4,000 Land 33,000 Accumulated Depreciation-Building 4,700 Accounts Receivable 4,000 What amount of total long-term assets would be shown on the balance sheet? A) $100,000 B) $130,300 C) $133,000 D) $139,000
A landlord guarantees the safety of the tenants, in the sense that any injured tenant can recover damages for bodily injury that occurs on the rented premises
Indicate whether the statement is true or false