Revising an estimate of the useful life or salvage value of a plant asset is referred to as a change in accounting estimate and is reflected in the current, and future financial statements.
Answer the following statement true (T) or false (F)
True
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An instance document:
a. is an XBRL document that contains all information, at a given point in time, including tags, about the occurrence of an item b. is a feature of a relational database c. is used to comply with SOX Section 409 regarding rapid disclosure of material changes d. summarizes instances of GAAP and IFRS reporting differences
Which of the following statements concerning audit evidence is correct?
A. The cost of obtaining evidence is not an important consideration to an auditor in deciding what evidence should be obtained. B. A company's accounting data cannot be considered sufficient audit evidence to support the financial statements. C. Effective internal controls contribute little to the reliability of the evidence created within the entity. D. Appropriate evidence supporting management's assertions should be convincing rather than persuasive.
Under the ______________________________, a company reports its major classes of gross cash receipts and cash payments in the operating activities section of the statement of cash flows
Fill in the blank(s) with correct word
If Selman & Saks allowed a French company to produce and market razors and trimmers carrying the company's brand in exchange for a royalty, Selman & Saks would be using the market entry strategy of ________
A) exporting B) franchising C) licensing D) contract manufacturing E) joint ownership