A cost that is found to bear an observable and known relationship to a quantifiable activity base is a(n)
a. discretionary cost.
b. product cost.
c. period cost.
d. engineered cost.
D
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After obtaining an understanding of internal controls and assessing control risk of an entity, an auditor decided not to perform tests of controls for purposes of the audit. The auditor most likely decided that:
A. the assessed level of inherent risk exceeded the assessed level of control risk. B. a reduction in the assessed level of control risk is justified for certain financial statement assertions. C. it would be inefficient to perform tests of controls that would result in a reduction in planned substantive procedures. D. the available evidential matter obtained through tests of controls would not support an increased level of control risk.
Research and development costs are
a. treated as an expense when incurred. b. capitalized but not amortized. c. capitalized and amortized over the periods that will probably benefit from the research and development. d. included with the cost of the patent resulting from the research and development.
A service is essentially intangible
Indicate whether the statement is true or false
What is one of the certifications HR professionals can obtain?
A. ULC B. HHR C. BER D. PHR E. BAS