The purpose of an audit is to
A) determine whether or not a company is a good investment.
B) render an opinion on the fairness of the statements.
C) determine whether or not a company complies with income tax regulations.
D) determine whether or not a company is a good credit risk.
B
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A supervisor can build trust by
A) Communicating facts. B) Recognizing sensitive issues. C) Maintaining authority. D) All of the above. E) A and B.
States may not copy federal regulations if:
a. the imitation promotes interstate commerce b. the imitation promotes intrastate commerce c. the imitation inhibits interstate commerce d. the imitation inhibits intrastate commerce e. none of the other choices are correct
On January 1, 20X9, Paradox Company acquired all of Sirius Company's common shares, for $365,000 cash. On that date, Sirius's balance sheet appeared as follows: Assets Liabilities Cash and Receivables$50,000 Current Payables$30,000 Inventory 80,000 Notes Payable 50,000 Land 50,000 Stockholders' Equity Buildings and Equipment(net) 200,000 Common Stock 100,000 Additional Capital 150,000 Retained Earnings 50,000 Total$380,000 Total$380,000 The fair values of all of Sirius's assets and liabilities were equal to their book values except for inventory that had a fair value of $85,000, land that had a fair value of $60,000, and buildings and equipment that had a fair value of $250,000. Buildings and equipment have a remaining useful life of 10 years with
zero salvage value. Paradox Company decided to employ push-down accounting for the acquisition. Subsequent to the combination, Sirius continued to operate as a separate company.Based on the preceding information, what amount will be present in the revaluation capital account, when consolidating entries are prepared? A. $0 B. $15,000 C. $60,000 D. $65,000
A nation reduces the trade barriers on the export of vegetables. What does this represent for a vegetable exporter in that country?
A) an internal strength B) an external opportunity C) an internal weakness D) an internal threat E) an external threat