Bondholders are one of the users of financial statements
a. True
b. False
Indicate whether the statement is true or false
True
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The correct net income for Sarah Corp was $53,500. However, the company reported incorrect net income because beginning inventory was understated by $2,500, purchases were overstated by $2,000, and ending inventory was overstated by $2,000. What net income did Sarah Corp report?
A) $49,000 B) $51,000 C) $56,000 D) $58,000
Which of the following statements is wrong regarding continuous audit?
A. Continuous audit is used to perform audit-related activities on a continuous basis. B. Technology plays a key role in continuous audit in analyzing trends and patterns of transactions, identifying exceptions and anomalies, and testing controls. C. Testing in continuous audits often consists of continuous controls monitoring and continuous data assurance. D. Continuous audit is frequently used to perform substantive tests and is used for testing of controls through transactional-data analysis.
While individuals recognize that a foreign assignment may not have a positive effect on their career, they accept it because they view the experience as ______.
A. positive for their personal and professional development B. a way to make money C. being a team player D. necessary for their next promotion
What is a common size income statement? Explain how a common size income statement is useful to financial statement users.
What will be an ideal response?