The net amount received from the bank on a discounted note is called the maturity value
Indicate whether the statement is true or false
F
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Which of the following is not a standard procedure that the auditor normally should follow in the observation of inventory at year-end?
a. Observe the client taking inventory. b. Make selected test counts and trace into client's inventory compilation. c. Look for slow-moving, obsolete or damaged inventory. d. Review disclosure of inventory valuation.
What of the following makes the net worth method ineffective in some situations?
a. It gives a conservative estimate of stolen funds which are not readily accepted as evidence by courts. b. It rarely facilitates obtaining confessions from the suspects. c. When people have income, they either purchase additional assets, pay off liabilities, or improve their lifestyle, thus increasing living expenses. d. Embezzlers typically spend their money on food, jewelery, vacation, and other luxuries that are difficult to track.
Misrepresentation of law is a fraud that occurs when a person makes a statement of fact that he or she honestly and reasonably believes to be true even though it is not
Indicate whether the statement is true or false
Which of the following statements is FALSE concerning the introduction of a presentation?
a. What you say at the beginning sets the stage for your entire presentation and initiates your rapport with the audience. b. Attention-getting techniques may include a quotation by an expert, an appropriate joke, or a startling statistic. c. The inductive approach is typically used, because the deductive approach would remove the element of suspense for the audience. d. After presenting the purpose, you should preview the major points you will discuss in the order you will discuss them.