States don't have any securities laws
Indicate whether the statement is true or false
F
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All of the following are components of audit risk except
a. control risk b. legal risk c. detection risk d. inherent risk
Which of the following is NOT correct regarding a change in reporting entity?
a. Financial statements of the year in which the change in reporting entity is made should disclose the nature of the change and the reason for the change. b. The effect of the change on income before extraordinary items, net income, and earnings per share amounts should be reported for all periods presented. c. Financial statements presented for all prior periods must be restated. d. The effect of the change on income before extraordinary items, net income, and earnings per share amounts should be reported for all periods presented and must be repeated in all periods subsequent to the period of the change.
Which of the following are reasons that explain why regulators pursued a policy of regulatory forbearance toward thrifts in the early 1980s?
A) Regulators knew that the FSLIC did not have sufficient funds to close insolvent S&Ls and pay off their depositors. B) Regulators were probably too close to the people they were supposed to be regulating to close down thrifts and put them out of business. C) Regulators preferred to sweep the problems that thrifts were suffering under the rug in the hope that they would go away as the economy improved. D) All of the above explain regulatory forbearance. E) Only A and B of the above explain regulatory forbearance.
Suppose a hurricane is going to hit South Florida; there are two days to prepare for it and the owner of a house is on a raft trip in Brazil and cannot be reached. The next door neighbors spend $800 on plywood and other materials to protect the house from the hurricane. Legally, this expenditure:
a. is a gift from the neighbors, nothing more b. is the responsibility of the homeowner; there is an agency by estoppel c. is the responsibility of the homeowner; there is implied ratification of the agency d. is the responsibility of the homeowner; there is express ratification of the agency e. none of the other choices