Accepted accounting principles leave ample room for arriving at different results in the short run
Indicate whether the statement is true or false
T
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Which of the following is not true regarding preliminary analytical procedures performed by the auditor when planning the audit?
a. The primary preliminary analytical procedure for stockholders' equity accounts is a comparison of current year account balances with prior year account balances. b. If there are unusual or unexpected relationships, the planned audit procedures would be adjusted to address the potential material misstatements. c. The auditor should have an expectation as to the nature and magnitude of any account balance changes. d. Auditors show focus on just the numbers when performing analytical procedures.
A corporation has been paying out $1 million per year in dividends for the past several years. This
year, the company wants to pay the $1 million dividend, but can't. All of the following are reasons the company cannot continue its dividend payment policy EXCEPT A) the company's retained earnings balance at the end of the year is less than $1 million. B) the company's cash balance is less than $1 million. C) the company's net income this year is less than $1 million. D) the company's liabilities exceed its assets.
While discussing an upcoming marketing research study of how the home decorating industry is affected by the teenage consumer, you emphasize the necessity of having a sample that is representative of the population. What type of sample must be used?
A. a nonprobability sample B. a quota sample C. a convenience sample D. a probability sample E. a field service sample
When a customer pays within a certain time, he/she is eligible to receive a trade discount.
Answer the following statement true (T) or false (F)