The Taxpayer's Bill of Rights prevents the IRS from seizing a taxpayer's assets to satisfy a tax deficiency.
Answer the following statement true (T) or false (F)
False
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Which of the following statements regarding contingencies is true?
a. Contingencies that are probable and estimable must be recorded before the outcome of future events. b. Contingent assets, if probable and estimable, are treated in much the same way as contingent liabilities. c. The accounting principle that determines whether a contingent asset is recorded is that of materiality. d. Contingencies that are not estimable should not be disclosed even if probable.
A join table combines data from two or more tables.
Answer the following statement true (T) or false (F)
Which of the following is not one of the underlying principles of an effective control environment as developed by COSO?
a. The organization demonstrates a commitment to integrity and ethical values. b. The board of directors demonstrates independence from management and exercises oversight for the development and performance of internal control. c. Management establishes, with board oversight, structures, reporting lines, and appropriate authorities and responsibilities in pursuit of objectives. d. The organization considers the potential for fraud in assessing risks to the achievement of objectives.
With economies of scale, ______.
A. the cost per unit of output decreases as the volume of output increases B. the cost per unit of output increases as the volume of output decreases C. the cost per unit of output increases as the volume of output remains constant D. the cost per unit of output decreases as the volume of output remains constant