Which statement is not correct?
a. Auditors gather evidence using tests of controls and substantive tests.
b. The most important element in determining the level of materiality is the mathematical formula.
c. Auditors express an opinion in their audit report.
d. Auditors compare evidence to established criteria.
B
You might also like to view...
Hole Sailors, Inc sold merchandise on credit with a list price of $12,000. Terms were 1/20, n/45. Which of the following entries correctly applies the indicated method to record the sale?
A) ?Net Price MethodAccounts Receivable 10,800Sales 10,800 B) Net Price MethodAccounts Receivable 11,400Sales 11,400 C) ?Net Price MethodAccounts Receivable 12,000Sales 12,000 D) ?Gross Price MethodAccounts Receivable 12,000Sales 12,000
Tivo Corporation purchases its raw materials on credit with terms of 3/10, net 30. What is the annual percentage rate (APR) of non-free trade credit if Tivo does not take the discount and pays on Day 30. In your computations, assume there are 360 days in a year.
A. 54.00% B. 27.84% C. 37.11% D. 55.67% E. 111.34%
Trade-in allowances, sometimes called PMs or spiffs, are given to retailers or wholesalers to pass on to the retailers' salesclerks for aggressively selling certain items.
Answer the following statement true (T) or false (F)
Calculate the assessed value and the property tax due on the following property. Fair Market Assessment Assessed Property Tax Property Value Rate Value Rate Tax Due $1,200,000 50% $24.60 per $1,000
What will be an ideal response?