Jay is a trusting and forgiving individual who gets along with others. He is good-natured and cooperative. Jay probably ranks high on which of the Big Five personality factors?
A. Agreeableness
B. Conscientiousness
C. Emotional stability
D. Openness to experience
E. Extroversion
Answer: A
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The adjusting entry to record an increase in Allowance for Bad Debts involves
a. debiting Allowance for Bad Debts and crediting Bad Debt Expense. b. debiting Accounts Receivable and crediting Bad Debt Expense. c. debiting Allowance for Bad Debts and crediting Accounts Receivable. d. debiting Bad Debt Expense and crediting Allowance for Bad Debts.
Apologizing for mistakes in a bad news business message ________
A) is never a good idea B) creates adverse publicity for the business C) can only harm the company's bottom line D) is ethical, but not good for business E) can have a positive effect
Leaders play a key role in developing and sustaining an organization's:
A. status quo B. reporting relationships C. rules and regulations D. culture
Jeff Johns is a staff accountant and has been assigned to the audit of Worldwide Enterprises, Inc. Subsequent to the completion of fieldwork, Jeff was assigned to draft the audit report. The content of one of the paragraphs he has drafted reads as follows: As explained in Note 2 to the financial statements, Worldwide Enterprises has charged goodwill and certain other intangible assets acquired in two separate acquisitions directly to shareholders' equity. Under generally accepted accounting principles, these intangibles should have been recorded as assets and amortized to income over future periods. Had these intangibles been capitalized, total assets would have increased by $400,000 as of December 31, 2011 and net income and earnings per share would be increased by $380,000 and $2.25,
respectively (assuming a 20-year amortization period). a. Based on the contents of the paragraph above, which condition requiring a departure from a standard unqualified/unmodified opinion exists in the engagement? b. Assuming that the engagement partner agrees with the paragraph Jeff has prepared above, where in the auditor's report should the paragraph be placed? c. How would the materiality of the condition above affect the final choice of opinion?