The Used Car Rule requires dealers to give consumers the following information except:
a. a statement about any warranty terms offered with the vehicle b. a statement about known defects with the vehicle
c. a warning that oral promises may not be enforceable
d. a suggestion that the consumer get an independent inspection of the vehicle e. all of the other choices are required
b
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The first stage in an audit is performing a risk assessment
a. True b. False Indicate whether the statement is true or false
The audit team typically reviews journal entries in the receivables ledger for unusual entries that may be indicators of fraudulent activity
a. True b. False Indicate whether the statement is true or false
Distinguish between discrete and continuous production losses and the method of accounting for these losses
Which of the following statements is NOT CORRECT?
A. Stock repurchases can be used by a firm as part of a plan to change its capital structure. B. After a 3-for-1 stock split, a company's price per share should fall, but the number of shares outstanding will rise. C. Investors may interpret a stock repurchase program as a signal that the firm's managers believe the stock is undervalued, or, alternatively, as a signal that the firm does not have many good investment opportunities. D. A company can repurchase stock to distribute a large one-time cash inflow, say from the sale of a division, to stockholders without having to increase its regular dividend. E. Stockholders pay no income tax on dividends if the dividends are used to purchase stock through a dividend reinvestment plan.