In testing plant and equipment balances, an auditor may inspect new additions listed on the analysis of plant and equipment. This procedure is designed to obtain evidence concerning management's assertion(s) about:
A. existence.
B. presentation.
C. both (1) presentation and (2) existence.
D. neither (1) presentation nor (2) existence.
Answer: A
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Misrepresentation can result from negligence on the part of the misrepresenter.
Answer the following statement true (T) or false (F)
On a particular Saturday, Tom had planned to paint a room in his house, but his employer gave him the opportunity to work that day. If Tom works, he must hire a painter for $120. For Tom to have a positive cash flow from working and hiring the painter:
A. Tom must earn more than $158 if he is in the 24% marginal tax bracket. B. Tom must earn at least $158 if he is in the 32% marginal tax bracket. C. Tom must earn at least $140 if he is in the 24% marginal tax bracket. D. Tom must earn at least $120 if he is in the 12% marginal tax bracket. E. None of these.
Why is it most likely important for Lacey to engage in the confirmation step after closing a sale with Anne?
A) Establish a long-term strategic partnership with Anne. B) Facilitate payment before Anne changes her mind. C) Gather feedback from Anne about the sales process. D) Prevent Anne from having buyer's remorse. E) Ensure that Anne provides many referrals.
A well-conceived strategic vision helps prepare a company for the future. True or false? Explain and justify your answer.
What will be an ideal response?