The separate entity concept requires that
a. the personal assets and liabilities of an owner not be shown on the business's financial statements.
b. transactions that involve an exchange of value be kept separate from those that do not.
c. tax records be kept separate from financial reporting records.
d. a separate set of books be established for each segment of a business.
A
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Use the equation presented below to answer the question that follows: Cash = CL + LTL + CS + RE – NCCA – LTA where: CL = Current liabilities LTL = Long-term liabilities CS = Common stock RE = Retained earnings NCCA = Noncash current assets LTA = Long-term assets Which of the following activities results in a cash outflow?
a. Decreases in noncash current assets (NCCA) b. Decreases in long-term assets (LTA) c. Increases in long-term liabilities (LTL) d. Decreases in retained earnings (RE)
Which of the following is the primary reason the auditor obtains and reviews a cutoff bank statement?
a. Verify the balance of cash per the bank's general ledger at the balance sheet date. b. Verify the reconciling items on the year-end bank reconciliation. c. Test for intentional lapping of bank transfers. d. Foot the cutoff bank statement for completeness.
The difference between the smallest and largest values of a distribution is called the variance
Indicate whether the statement is true or false
A code of ethics especially for project managers:
A) has been established by the Project Management Institute. B) has been formulated by the Federal government. C) has been formulated by the World Trade Organization. D) is inappropriate, since everyone should use the same guidance on ethical issues. E) does not exist at this time.