An assessment of what is right or wrong can be made by considering _____ which focuses on the number of people that will be affected by one's action.
A. society's opinion
B. the consequences
C. the likelihood of effect
D. the reach of result
D. the reach of result
An assessment of what is right or wrong can rarely be divorced from a variety of considerations. The reach of result refers to the number of people that will be affected by one's action.
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Types of Audit Opinions For each of the following independent situations, determine the type of opinion that will most likely be issued by the firm auditing the financial statements of a U.S. company. 1 . The client will not allow the auditor to view
the minutes for the entire year under audit and beyond. 2 . The auditor finds that the firm is not independent of the client on the last day of fieldwork. 3 . The client declines to include a statement of cash flow in the financial statements. 4 . The client fails to record an immaterial amount of insurance paid in advance as an asset. 5 . The client does not record impairment of goodwill and will not depreciate property and equipment. Both are considered very material. 6 . There is substantial doubt about the client's ability to continue as a going concern.
All of the following are difficulties encountered in determining fair values except:
a. the need to make assumptions about the effect of technological and other improvements when using the prices of new assets currently available on the market in the valuation process b. the need to identify comparable assets currently available in the market to value assets in place c. the absence of U.S. GAAP and IFRS standards related to reporting long-lived assets d. the absence of active markets for many used fixed assets, particularly those specific to a particular firm's needs
Because cold calling does not immediately result in a high level of closed sales, some companies feel that it is worthless. However, when done correctly—by researching the prospect and keeping the call bright and focused—it can be a(n):
A) tool for making a quick transactional sale B) strategy for qualifying prospects with an elevator pitch C) way to introduce the prospect to the sales representative D) risk-free way to build rapport with a new prospect E) method of closing sales that have been pending
Which of the following is correct with regard to the relationship between law and ethics?
A) The rule of law and the golden rule of ethics demand the same response. B) Lawful conduct is always ethical conduct. C) The law may not permit something that would be ethically wrong. D) Although much of law is based on ethical standards, not all ethical standards have been enacted as law.