What is the goal of the Superfund?
A)To create a market-based system for reducing emmissions
B)To set national ambient air quality standards
C)To clean up hazardous wastes that were illegally dumped in the past
D)To require shipowners to pay for damage caused by oil discharged from their ships
C
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Which of the following is an attribute of the internal control procedure—competent, reliable, and ethical personnel?
A) providing cross training to allow sales personnel to record revenue transactions B) the need to train and supervise employees C) monitoring of internal controls by external auditors D) purchase of burglar alarms
Gunther Inc purchased $400,000 of Malone Corp ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased, the market interest rate was 1 . percent. Determine the amount of premium or discount on the purchase of the bonds
a. $92,442 premium b. $92,442 discount c. $81,143 premium d. $81,143 discount
Canada Revenue Agency (CRA) has requested the taxes payable working papers of ABC Co. from CPA. CPA should ________.
A) not provide the working papers nor discuss the matter with the client B) inform the client that the working papers should not be provided C) provide the working papers immediately to avoid tax problems D) request client permission, and then provide the working papers
Green was unable to repay a loan from State Bank when due. State refused to renew the loan unless Green provided an acceptable surety. Green asked Royal, a friend, to act as surety on the loan. To induce Royal to agree to become a surety, Green fraudulently represented Green's financial condition and promised Royal discounts on merchandise sold at Green's store. Royal agreed to act as surety and the loan was renewed. Later, Green's obligation to State was discharged in Green's bankruptcy. State wants to hold Royal liable. Royal may avoid liability
A. If Royal can show that State was aware of the fraudulent representations. B. If Royal was an uncompensated surety. C. Because the discharge in bankruptcy will prevent Royal from having a right of reimbursement. D. Because the arrangement was void at the inception.