A substantive approach using only tests of controls is most commonly used to audit equity accounts
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
A disadvantage of the permeation of communication, technology, and media into everyday life involves ______.
a. being able to instantly access information b. easily staying in touch with friends c. the convenience and efficiency of having readily available technology for communicating d. the availability of communication technologies while driving
Any difference between inventory on the books and the inventory determined by a physical count must be due to theft
Indicate whether the statement is true or false
_____ determines the look and location of text, pictures, animations, and other elements on a Web page.
A. Uniform Resource Locator (URL) B. Hypertext Markup Language (HTML) C. Extensible Markup Language (XML) D. Hypertext Transfer Protocol (HTTP)
Alpha Company has assets of $640,000, liabilities of $270,000, and equity of $370,000. It buys office equipment on credit for $95,000. What would be the effects of this transaction on the accounting equation?
A. Assets increase by $95,000 and expenses increase by $95,000. B. Assets increase by $95,000 and liabilities increase by $95,000. C. Liabilities increase by $95,000 and expenses decrease by $95,000. D. Assets decrease by $95,000 and expenses decrease by $95,000. E. Assets increase by $95,000 and expenses decrease by $95,000.