Shaquille buys new cars for five of his friends. Each car cost $70,000. What is the amount of Shaquille's taxable gifts?
A. $350,000
B. $0
C. $335,000
D. $275,000
Answer: D
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Data cleansing is a step performed by external auditors to identify and repairing invalid data prior to the audit
Indicate whether the statement is true or false
The tendency to use one characteristic to create a positive impression that dominates other information is called:
a) Similar-to-me-effect b) Halo effect c) Self-serving bias d) Horn effect
When audited financial statements are presented in a document containing other information, the auditor
A. Has an obligation to perform auditing procedures to corroborate the other information. B. Is required to issue an "except for" qualified opinion if the other information has a material misstatement of fact. C. Should read the other information to consider whether it is inconsistent with the audited financial statements. D. Has no responsibility for the other information because it is not part of the basic financial statements.
Annie is planning a large surprise party for her sister Gwendolyn. She has developed the following plan, including estimates of the time (in hours) and cost necessary to perform each of the tasks required.
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If Annie saves $40 for every hour she can reduce from her plan, what is her total net benefit from crashing this project by six hours?
A. $55
B. $185
C. $160
D. $240