Which of the following is a data flow that generally goes to government agencies?
a. attendance time records
b. job time records
c. payroll contribution notice
d. payroll tax reports
D
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Compilation Reporting A banker friend and you were discussing compiled financial statements. He said," When CPAs associate their name with compiled financial statements, their only responsibility is to the client and that is limited to the proper
summarization and presentation on the financial statement information provided by the client. The opinion clearly states that the auditor has not conducted an audit and does not express an opinion on this fair presentation. Therefore, if users rely on compiled financial statements, they do so at their own peril and can never hold the CPA responsible for inadequate performance. Users should interpret the financial statements as if they had been prepared by management.". REQUIRED: How would you respond to your friend?
Why are materials that represent only a small percentage of the total cost of manufacturing a product more likely to have inelastic demand than major components?
What will be an ideal response?
Jack moved from New Hampshire to Florida and decided to have an air conditioner installed in his car. After it was installed, Jack received a bill for $1,200 . Jack called the dealer and told him he'd never heard of this service costing more than $500 . They argued, but the dealer finally agreed to take $900 . Is the agreement enforceable?
a. Yes, there is no way for the dealer to get the extra money anyway. b. Yes, there is consideration for the modified amount. c. No, there is no consideration and the dealer can sue for the extra $300. d. No, there is an implied contract to pay the dealer whatever he billed Jack.
What are items used for?
A. An item can be used to create an invoice. B. An item can represent various goods or services. C. An item can help to track your sales in detail. D. All the choices are correct.