Answer the following statements true (T) or false (F)
1. Changes that do not affect consistency are normally disclosed in the footnotes but do not require an explanatory/emphasis-of-matter paragraph in the audit report
2. An auditor may be unable to express an unqualified opinion if an immaterial departure from GAAP is present in the financial statements.
3. An auditor must disclaim an opinion when the auditor lacks independence
4. The choice of which audit report to issue depends on the condition and the materiality of any departure.
5. A scope limitation results from an inability to obtain sufficient appropriate evidence about some component of the financial statements.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
5. TRUE
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A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: A. Accrued interest revenue earned of $1,200.B. Depreciation expense of $4,000.C. Portion of prepaid insurance expired (an asset) used $1,100.D. Accrued taxes of $3,200.E. Revenues of $5,200, originally recorded as unearned, have been earned by the end of the year.Determine the correct amounts for the December 31 financial statements by completing the following table:?AssetsLiabilitiesEquityNet IncomeReported amounts…...$350,000$200,000$150,000$70,000Add (subtract) tocorrect for item:????A…..????B…..????C…..????D…..????E…..???? Corrected amounts………$$$$
What will be an ideal response?
The maturity stage of the product life cycle is characterized by a slowdown in sales growth
Indicate whether the statement is true or false
A pitfall to avoid in pursuing a differentiation strategy is
A. meeting and exceeding the meaningful gaps in quality, performance, service, and other attractive differentiating attributes offered by rivals. B. choosing a product offering that supports buyers' indifference to rival brands' offerings. C. trying to differentiate on the basis of attributes or features that are easily and quickly copied. D. spending on activities to differentiate the company's product to enhance profitability. E. charging a premium price for the differentiating features.
If it takes 40 hours to complete the first unit and the company knows from experience that the learning rate should be 0.75, how fast can they be expected to finish all ten units?
A) 208.48 hours B) 213.52 hours C) 218.46 hours D) 223.54 hours