Peak & Vale Accountants provides other firms with accounting services. Questions of what is ethical involve the extent to which Peak & Vale has
A. a legal duty beyond those duties mandated by ethics.
B. an ethical duty beyond those duties mandated by law.
C. any duty beyond those mandated by both ethics and the law.
D. any duty when it is uncertain whether a legal duty exists.
Answer: B
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Which one of the following best defines an external event in terms of accounting?
a. A measured event that must be recognized. b. An event recognized in a set of financial statements. c. A happening of consequence to an entity. d. An interaction between an entity and its environment.
Which of the following is a typical substantive procedure related to the relevant assertion of presentation and disclosure for debt obligations?
a. Vouching additions and deletions to debt obligations. b. Reviewing debt agreements for the restrictive covenants. c. Recalculating accrued interest. d. Confirming debt obligations with relevant outside parties.
Carlin Company, which uses net present value to analyze investments, requires a 10% minimum rate of return. A staff assistant recently calculated a $500,000 machine's net present value to be $86,400, excluding the impact of straight-line depreciation.FV of 1 (i=10%, n=5):1.611FV of a series of $1 cash flows (i=10%, n=5):6.105 PV of $1 (i=10%; n = 5): 0.621PV of a series of $1 cash flows (i=10%, n=5):3.791 If Carlin ignores income taxes and the machine is expected to have a five-year service life, the correct net present value of the machine would be:
A. $186,400. B. $292,700. C. $465,500. D. $(13,600). E. $86,400.
An organization in which the national issues supersede the global viewpoint is a transnational organization.
Answer the following statement true (T) or false (F)