Which of the following can companies use as collateral for a loan?
a. prepaid insurance
b. prepaid rent
c. property, plant, and equipment
d. retained earnings
B
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Which of the following is not true regarding appropriate tests of controls?
a. The auditor selects controls that are important to the auditor's conclusion about whether the organization's controls adequately address the assessed risk of material misstatement for the relevant debt and equity accounts. b. The client's audit committee selects controls that are important to the auditor's conclusion about whether the organization's controls adequately address the assessed risk of material misstatement for the relevant debt and equity accounts.as of the client's year end. c. The auditor will select both entity-wide and transaction controls for testing. d. If the auditor wants to rely on controls for the financial statement audit, the auditor would test the operating effectiveness of those controls throughout the year.
Crops are considered identified when they are planted
a. True b. False Indicate whether the statement is true or false
Intent to deceive is an element of fraud.
Answer the following statement true (T) or false (F)
Life insurance policy reserves
A) are always equal to the policy's cash surrender value. B) are a major asset of life insurance companies. C) are paid to the beneficiary when the insured dies. D) are a major liability of life insurance companies.