Describe four things (of the six things mentioned in the chapter) that audits of a company's writing should look for
What will be an ideal response?
Audits of company writing should look for the following shortcomings: (a correct answer includes four of these)
• Abrupt tone
• Use of clichés or jargon
• Use of stock numbers or abbreviations
• Failure to express appreciation
• Failure to offer an alternative to solve a problem
• Failure to provide a reasonable explanation
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U.S. GAAP and IFRS require complex procedures in accounting for income taxes. For example, firms provide for estimated warranty cost in the year they sell warranted products but delay the tax deduction until later, when firms make actual expenditures for warranty repairs. In this example, a
a. deferred tax asset arises. b. deferred tax liability arises. c. firm recognizes a revenue earlier for financial reporting than for tax reporting. d. firm recognizes a revenue earlier for tax reporting than for financial reporting. e. firm recognizes an expense earlier for tax reporting than for financial reporting.
Phillip has prepared the following list of questions to ask the interviewer during his initial job interview. Which question should he avoid asking the interviewer?
a. What types of training are offered? b. How many people have held this job in the past five years? c. What salary are you planning to offer? d. When do you expect to make your hiring decision about this position?
Montana Company was authorized to issue 200,000 shares of common stock. The company had issued 50,000 shares of stock when it purchased 10,000 shares of treasury stock. After the purchase of treasury stock, the number of outstanding shares of common stock was which of the following?
A. 40,000 B. 190,000 C. 60,000 D. 50,000
Which of the following is true of compliance reporting?
A) Supply chain management systems carry the major burden of compliance reporting. B) Compliance reports primarily help in identifying events that fall outside accepted ranges. C) Compliance reports relying on XBRL are more advanced than electronic PDFs. D) In the United States, the South Eastern Conference (SEC) mandates all aspects of compliance.