If auditors conduct substantive procedures as of 10/31 for an entity with a 12/31 year-end
A. Additional tests are seldom conducted for the remaining period.
B. Additional control tests are required in the remaining period.
C. The entity's controls likely are ineffective.
D. Additional tests likely will be performed in the remaining period.
D. Additional tests likely will be performed in the remaining period.
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One rationale for the statement of cash flows is to
a. ensure that the cash account balances at year-end. b. reconcile differences between net income and cash receipts and disbursements. c. calculate the company's free cash flow. d. examine the cash effects of income from discontinued operations, extraordinary items and changes in accounting principles.
Each of the following questions names an item. Select the correct description of the item from this list. Indicate your selection by entering the letter of the description. DescriptionsA. Provides preliminary information to investors about an upcoming issue. B. Informs investors of an upcoming offering. C. Required annual filing to the SEC. D. Discloses unscheduled material events. E. Includes amendments to the Securities Act, additional disclosure requirements, and other current issues regarding accounting and auditing principles and standards. F. Results in a thorough examination by the SEC of a registration statement. G. Issued by the staff of the SEC and contains differences that must be corrected in a registration statement before the securities may be offered or sale. H.
Quarterly report to SEC. I. Includes new or revised administrative practices and interpretations used in reviewing financial statements. J. Includes the results of actions taken against accountants or other participants because false or misleading statements were filed. K. Includes Regulations S-X and S-K. Accounting and Auditing Enforcement Releases What will be an ideal response?
Delxen Inc., a multinational company, uses the same prices for all its products globally. This type of pricing is called ________.
A. cost-based price B. transfer price C. one world price D. going-rate price E. local market condition price
Which one of the following affects cash during a period?
A) Recording depreciation expense. B) Declaration of a cash dividend. C) Write-off of an uncollectible account receivable. D) Payment of an account payable.