The field of statistics can be roughly subdivided into two areas: descriptive statistics and probability
Indicate whether the statement is true or false
FALSE
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An appropriate mix of evidence for a low risk client could include 20% tests of details, 40% analytics, and 40% tests of controls; an appropriate mix of evidence for a high risk client could include 60% tests of details, 20% analytics, and 20% tests of controls
a. True b. False Indicate whether the statement is true or false
According to the free cash flow hypothesis that has been proposed to explain investors' reactions to dividend policy changes, a firm:
A. should distribute earnings based solely on investors' preferences; i.e., whether they prefer current income or future income. B. should pay out all earnings that it can reinvest in acceptable capital budgeting projects. C. should pay dividends when it has cash flows that exceed its capital budgeting needs. D. that retains free cash flows has a higher value than a firm that distributes its free cash flows to stockholders. E. should never distribute its free cash flows, because these funds represent money the firm is free to invest as it pleases .
Dairy Products, Inc, and Eden Farms Corporation form a joint venture to make and test-market Frosty Ice Cream. A joint ven¬ture is usually formed for
a. an implied duration of not more than six months. b. a single transaction or project. c. a stated duration of not more than one year. d. a perpetual existence.
Arthur made a bid at an auction by calling out the amount of $250. The auctioneer acknowledged Arthur's bid. There were no higher bids, and before the fall of the auctioneer's hammer, Arthur announced that he was withdrawing the bid. The auctioneer said that it was too late for Arthur to withdraw his bid, because the bid had already been acknowledged. What is the result?
A) Arthur's bid is an ordinary offer that can be revoked. B) Arthur's bid is firm and cannot be withdrawn. C) Since the auctioneer had in fact acknowledged Arthur's bid, the bid became an option exercisable at the election of the seller. D) Since the auctioneer had in fact acknowledged Arthur's bid, a contract had been formed by way of offer and acceptance; accordingly, Arthur's subsequent attempt to withdraw his bid was ineffective.