Phil's Corner Mart is a convenience store and gasoline station. A representative from the Environmental Protection Agency (EPA) has just notified Phil that there is some leakage from his underground gasoline storage tanks. The EPA representative explains to Phil that he will be issuing a citation for violation of federal environmental laws and that Phil could be liable for clean-up costs and
penalties. Which of the following statements is true?
A) Phil has been charged with a crime.
B) Phil has been charged with violation of a state statute.
C) Phil is facing civil penalties for the violation.
D) The EPA promulgates USC provisions.
C
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Which of the following nonfinancial information would an auditor most likely consider in performing analytical procedures during the planning phase of an audit?
A. Square footage of selling space. B. Objectivity of audit committee members. C. Management's plans to repurchase stock. D. Turnover of personnel in the accounting department.
Which of the following regarding accrual versus cash-basis accounting is true?
a. The FASB believes that the cash basis is appropriate for some smaller companies, especially those in the service industry. b. The cash basis is less useful in predicting the timing and amounts of future cash flows of an enterprise. c. Application of the cash basis results in an income statement reporting only revenues. d. The cash basis requires a complete set of double-entry records.
Ongoing studies are made available to many clients for a fee by _____
a. commercial research houses b. the U.S. government (federal) c. channel members d. the Business Periodicals Index
Antitrust legislation was created because of the belief that competition leads to lower prices
a. True b. False Indicate whether the statement is true or false