A ________ component is present in a time series if a consistent pattern in the data can be associated with a calendar
A) cyclical
B) seasonal
C) random
D) trend
B
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Which of the following statements is not true with respect to assurance, attest, and audit services?
A. These services are applied only to financial statements and financial statement accounts. B. These services all involve determining the correspondence of some information to a set of criteria. C. These services all involve obtaining and evaluating evidence. D. These services all involve issuing a report.
A component of equity that arises when a parent company owns a majority of the common shares of a subsidiary company is known as?
A) ?majority interest. B) ?noncontrolling interest. C) ?earned capital. D) ?unearned capital.
Government-controlled unions in Mexico are referred to as _______________________________ unions.
Fill in the blank(s) with the appropriate word(s).
Fisher Company has been named as the defendant in a class action lawsuit. In addition, the company is located in a region that normally has an active hurricane season. Indicate whether each of the following statements is true or false.________ a) If the likelihood of a future obligation is probable and can be reasonably estimated, a liability should be recognized on the balance sheet.
________ b) If the outcome is probable, but cannot be reasonably estimated, the contingency should be disclosed in the notes to the financial statements. ________ c) If the outcome is reasonably possible but not likely, the contingency should be disclosed in the notes to the financial statements. ________ d) Every lawsuit, regardless how frivolous, should be disclosed in the notes to the financial statements. ________ e) Since it is located in a region for which an active hurricane season has been predicted, the company must disclose the contingent liability, which is the potential for catastrophic loss, in the notes to their financial statements. What will be an ideal response?