Risk analysis is a key part of IT project management
Indicate whether the statement is true or false
TRUE
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If the auditor believes that there is a remote probability that resolution of an uncertainty will have a material effect on the financial statements, which of the following would the auditor issue?
a. A disclaimer of opinion. b. A standard unqualified opinion. c. An adverse opinion. d. An unqualified opinion with explanatory paragraphs.
Preston Wade Preston Wade, a local craftsman, normally sells his handcrafted wooden birdhouses for $145 each. Preston has the capacity to produce as many as 60 birdhouses a week. In a normal week, Preston makes 20 birdhouses with the following costs per unit: Direct materials $12.00 Direct labor $15.00 Variable overhead $ 3.00 Fixed overhead $ 5.00 Refer to the Preston Wade information above
Preston has received a special order from a local plant nursery to purchase 40 birdhouses for a price of $80 each. The nursery wishes to have the birdhouses engraved with their own logo, therefore, the order would require the rental of a special engraving tool at a cost of $250. If Preston accepts the special order, net income will increase by: A) $1,050 B) $1,750 C) $2,000 D) $3,200
In marketing, the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings are referred to as
A. corporate values. B. business cultures. C. fair trade practices. D. societal mores. E. societal norms.
The expense recognition (matching) principle, as applied to bad debts, requires:
A. That bad debts be disclosed in the financial statements. B. That expenses be ignored if their effect on the financial statements is unimportant to users' business decisions. C. The use of the allowance method of accounting for bad debts. D. That bad debts not be written off. E. The use of the direct write-off method for bad debts.