In organizations, most situations and outcomes are contingent; that is, the precise relationship between any two variables is likely to be dependent on other variables.
Answer the following statement true (T) or false (F)
True
Rationale: This question captures both the definition of contingency and the reality of organizations.
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An auditor would issue an adverse opinion if:
A. a qualified opinion cannot be given because the auditor is not qualified to do so. B. an immaterial misstatement is present. C. the statements taken as a whole do not fairly present the financial condition and results of operations of the company. D. the auditor encounters adverse attitudes toward the auditor on the part of company management.
The Sarbanes-Oxley Act of 2002 does not require any certification from a public company's chief executive officer about the company's system of internal control
Indicate whether the statement is true or false
Which of the following is a major difference between the IASB’s conceptual framework and the FASB’s conceptual framework?
a. The IASB prefers replacement cost over historical cost as a measurement basis. b. FASB limits primary user groups to investors and creditors. c. FASB’s conceptual framework is considerably shorter than the IASB’s. d. The IASB’s framework is in the form of a series of concept statements rather than a single framework.
Which of the following is TRUE?
A) A director must take orders from the president of the company. B) A director is involved in the day to day running of the company C) A director is automatically a CEO (Chief Executive Officer) of a corporation. D) A director may be personally liable for torts that she commits on behalf of the corporation. E) Both B and D