With symmetric, "bell-shaped" distributions, approximately what percent of the observations are within two standard deviations of the mean?
A. 50%
B. 68%
C. 95%
D. 99.7%
Answer: C
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Which of the following does not accurately describe the accounting for debt securities under IFRS?
A. Accounting for debt securities is similar to U.S. GAAP. B. IFRS uses a business model classification model. C. The business model classification is determined by individual instruments based on management's intentions. D. The business model classification is determined by observation of the activities the entity undertakes to achieve its business objective.
An abnormal fluctuation in gross profit that might suggest the need for extended audit procedures for sales and inventories would most likely be identified in the planning phase of the audit by the use of:
A. analytical procedures. B. tests of transactions and balances. C. a preliminary review of internal controls. D. specialized audit programs.
A contingency was evaluated at year-end and considered to have a remote possibility of becoming an actual liability. If this was not reported on the balance sheet or in the notes to the financial statements, what effect would this have on the financial reporting of the company?
A) There would be no effect. B) The liabilities on the balance sheet would be understated. C) The information about the transaction would be inadequately disclosed in the notes. D) The net income of the company would be understated.
Which of the following is true of the Sarbanes-Oxley Act of 2002?
A. The act requires at least 30 percent of the businesses in the United States to be formed as S corporations. B. The act requires a limited liability company to have a committee that consists of inside directors to oversee the firm's audits. C. The act requires a limited liability company to be taxed like a proprietorship. D. The act requires an S corporation to have more than 100 stockholders (members) and more than one type of stock. E. The act requires a publicly-traded corporation to hire an external auditing firm that renders an unbiased opinion concerning the firm's financial statements.