Intentional misrepresentation is considered fraud
Indicate whether the statement is true or false
TRUE
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The adjustments arising from the audit that were considered to be material should be communicated by the auditor to which of the following?
a. Audit staff. b. Management. c. Audit committee. d. Internal auditors.
What advantage does having an ethics and compliance officer grant over having only managers or the owner, even if they are very attentive, manage ethical performance?
a. It ensures no retaliation against the sharer of information. b. It allows sensitive ethical issues to be shared without dilution by the chain of command. c. It allows sensitive ethical issues to be shared without any sanctions being levied by the organization. d. It exempts an organization from governmental sanctions over unethical behavior.
On January 1, a company issues bonds dated January 1 with a par value of $400,000. The bonds mature in 5 years. The contract rate is 7%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $383,793. The journal entry to record the first interest payment using straight-line amortization is:
A. Debit Interest Expense $15,620.70; credit Premium on Bonds Payable $1,620.70; credit Cash $14,000.00. B. Debit Interest Expense $15,620.70; credit Discount on Bonds Payable $1,620.70; credit Cash $14,000.00. C. Debit Interest Expense $14,000.00; credit Cash $14,000.00. D. Debit Interest Payable $14,000.00; credit Cash $14,000.00. E. Debit Interest Expense $12,379.30; debit Discount on Bonds Payable $1,620.70; credit Cash $14,000.00.
Discuss two situations in which parameter modifications are not viewed as signature modifications and, therefore, do not prompt recompilation.
What will be an ideal response?