Circulation fluctuates from issue to issue, particularly for magazines that rely heavily on retail or newsstand sales.
Answer the following statement true (T) or false (F)
True
Circulation fluctuates from issue to issue, particularly for magazines that rely heavily on retail or newsstand sales. Many publications base their rates on guaranteed circulation and give advertisers a rebate if the number of delivered magazines falls below the guarantee.
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An effective control environment:
A. identifies and responds to business risks. B. guarantees that all controls are followed as prescribed. C. creates a commitment to competence. D. does not need an effective board of directors or internal audit function.
Explain the concept of apparent authority.
What will be an ideal response?
Accountants prepare financial statements at arbitrary points in time during a company's lifetime in accordance with the accounting concept of
a. matching. b. comparability. c. accounting periods. d. materiality.
An auditor compares annual revenues and expenses with similar amounts from the prior year and investigates all changes exceeding 10%. This procedure most likely could indicate that:
A. Unrealized gains from increases in the value of available-for-sale securities were recorded in the income account for trading securities. B. Fourth quarter payroll taxes were properly accrued and recorded, but were not paid until early in the subsequent year. C. The annual provision for uncollectible accounts expense was inadequate because of worsening economic conditions. D. Notice of an increase in property tax rates was received by management, but was not recorded until early in the subsequent year.