Business documents may be a source of both secondary and primary information, depending upon how they are used.
a. true
b. false
a. true
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During the initial planning phase of an audit, a CPA most likely would:
A. discuss the timing of the audit procedures with the client's management. B. inquire of the client's attorney as to any unrecorded claims. C. identify specific internal control activities that are likely to prevent fraud. D. evaluate the reasonableness of the client's accounting estimates.
During 2016, the accounts receivable balance of Dickerson Corp increased. Which of the following statements is true?
a. This indicates that Dickerson sold more than it collected in cash during the period. b. This increase is added to net income in the operating activities section of a statement of cash flows prepared under the indirect method. c. This increase is added to sales recognized on the income statement to determine the cash collections from customers during the period. d. This increase is considered only when the operating activities section of a statement of cash flows is prepared under the indirect method.
Which of the following factors reduces unit costs over the product life cycle?
A) increased promotion and training efforts B) smaller orders of materials C) increased use of specialized equipment D) greater turnover of personnel
Which of the following forms of price discrimination occurs at the buyer level?
A) Secondary-line injury B) Primary-line injury C) Collateral-line injury D) Tertiary-line injury