The sum of the debits must equal the sum of the credits on the trial balance
Indicate whether the statement is true or false
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There is strong evidence that political business cycles are prevalent in
A. Germany. B. Japan. C. the U.S. D. New Zealand.
If auditors conduct substantive procedures as of 10/31 for an entity with a 12/31 year-end:
A. the entity's controls likely are ineffective. B. additional tests likely will be performed in the remaining period. C. additional tests are seldom conducted for the remaining period. D. additional control tests are required in the remaining period.
A compensating balance arrangement usually results in which of the following for a company?
a. Increase its interest income. b. Increase the effective interest rate on corporate borrowing. c. Decrease the effective interest rate on corporate borrowing. d. Exhibit no change in the effective interest rate on corporate borrowing.
A high inventory turnover ratio indicates that ______.
a. the firm is converting its inventory to profits faster b. potential for product obsolescence is high c. inventory is not being replenished d. potential for product theft and damage is high