Audit firms should NOT customize the audit programs based on the assessment of the risk of material misstatement when auditing long-lived assets
a. True
b. False
Indicate whether the statement is true or false
False
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During 2018, Lang Corporation reported cost of goods sold of $775,000. During the year inventory decreased $25,000 and accounts payable increased $12,500. How much cash was paid to suppliers during 2018?
A. $812,500 B. $737,500 C. $787,500 D. $762,500
External failure costs are the costs incurred after the product is shipped or the service is delivered to the customer
Indicate whether the statement is true or false
The result of interperiod income tax allocation is that
a. wide fluctuations in a company's tax liability payments are eliminated. b. tax expense shown in the income statement is equal to the deferred taxes shown on the balance sheet. c. tax liability shown in the balance sheet is equal to the deferred taxes shown on the previous year's balance sheet plus the income tax expense shown on the income statement. d. tax expense shown on the income statement is equal to income taxes payable for the current year plus or minus the change in the deferred tax asset or liability balances for the year.
Sheila offers to pay $30,000 for a new car, but the salesman wants $32,000. The salesman offers to throw in a premium sound system with a value of $1500 and charge her $31,500. Sheila values the sound system enough to feel that this is a good deal. Sheila and the salesperson used which form of conflict management?
a. Compromise b. Collaboration c. Competition d. Avoidance