Working papers used by the auditor that record the procedures used to gather evidence should be:
A. Designed to meet the circumstances of the particular engagement.
B. Considered the primary support for the financial statements being examined.
C. Destroyed when the audited entity ceases to be a client.
D. Viewed as the connecting link between the books of account and the financial statements.
Answer: A
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Molly is worried about the future of her son Jax. She comes from a long line of criminals. Even though she has moved to the suburbs and enrolled Jax in a private school, she is still under the belief that there is nothing she can do to change the future for her son because of his genes. Molly believes that ___________ is where we get our personality.
a. Fauna b. Nurture c. Foster d. Nature
Which one of the following statements is FALSE concerning a job objective?
a. A job objective helps the interviewer determine if what you have to offer matches the job the company has to offer. b. A job objective should be specific to one job. c. Some experts say that a job objective may limit your job opportunities. d. A job objective should reveal your career goal.
The Juarez Corporation incurred the following transactions during its first year of operations. (Assume all transactions involve cash).1) Acquired $1,000 of capital from the owners. 2) Purchased $400 of direct raw materials. 3) Used $300 of these direct raw materials in the production process. 4) Paid production workers $400 cash. 5) Paid $200 for manufacturing overhead. 6) Started and completed 200 units of inventory. 7) Sold 50 units at a price of $6 each. 8) Paid $40 for selling and administrative expenses. The amount of cost of goods manufactured would be:
A. $800. B. $1,000. C. $900. D. $600.
An involuntary petition under the straight bankruptcy provisions can be filed against:
A) No one; all straight bankruptcy petitions must be voluntary. B) Only corporations that are not paying their bills as they come due. C) Only ranchers, farmers, and nonprofit organizations that are not paying their bills as they come due. D) Anyone who is not paying his or her bills as they come due. E) Anyone who is not paying his or her bills as they come due, except ranchers, farmers, and nonprofit organizations.