When a Statement on Auditing Standards uses the word "should" relating to a requirement, it means that the auditor:
A. Should consider whether to follow the advice based on the exercise of professional judgment in the circumstances.
B. Must comply with requirements unless the auditor demonstrates and documents that alternative actions are sufficient to achieve the objectives of the standards.
C. Must fulfill the responsibilities under all circumstances.
D. May choose to change responsibilities relating to various professional standards that remain under consideration.
Answer: B
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Which statements about data warehousing is not correct?
a. The data warehouse should be separate from the operational system. b. Data cleansing is a process of transforming data into standard form. c. Drill-down is a data-mining tool available to users of OLAP. d. Normalization is an requirement of databases included in a data warehouse.
A nondeductible charitable contribution is a permanent book/tax difference.
Answer the following statement true (T) or false (F)
Last year Frye Company's cash account increased by $17,000. Net cash flows from investing activities was ($40,000). Net cash flows from financing activities was $2,000. On the statement of cash flows, the net cash flows from operating activities was:
A) $17,000. B) $(21,000). C) $55,000. D) $(38,000).
__________ creditors must file a __________ stating the amount of their claim in a form provided by the bankruptcy court within time periods established by the jurisdiction in which the case if filed
a. Unsecured, notice b. Unsecured, proof of claim c. Unsecured, automatic stay d. Secured, reaffirmation agreement