Which of the following is not true of "reasonable assurance"?
A. The auditors have exercised due care
B. The audit opinion is a guarantee that material misstatements have been identified
C. The audit has been properly planned and supervised
D. The auditors have followed GAAS
B. The audit opinion is a guarantee that material
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On November 1, Kim Company accepted a 3-month note receivable as payment for services provided to Hsu Company. The terms of the note were $10,000 face value and 6% interest. Kim Company closes its books at December 31 and does not use reversing entries. On February 1, the journal entry to record the collection of the note should include a credit to
A) Notes Receivable for $10,150 B) Interest Receivable for $150 C) Interest Revenue for $150 D) Interest Revenue for $50
Ruth recently visited a day care center that is convenient to her work. Ruth is thinking of letting the day care workers care for her infant son while she is at work. The first thing Ruth noticed when she walked in the door of the facility was the smell of urine. There was a dead plant in the window. Toys were strewn about the floor and Ruth almost tripped over a tricycle. In this example, Ruth experienced negative aspects of the ________ element of the day care center's services marketing mix.
A. Production B. Product C. Process D. Physical evidence E. Place
Equal Protection. Adela Izquierdo Prieto, age forty-two, had worked for a government-owned and -operated radio and television station in Puerto Rico for over a decade when, without any prior notice, she was suddenly transferred from her television
program to a position in radio. Her replacement in the television program was a twenty-eight-year-old woman with less experience. Agustin Mercado Rosa, the administrator of the television channel, explained to a newspaper reporter that Izquierdo was removed because "we need new faces" and because Izquierdo's replacement "is young, attractive and refreshing." Izquierdo sued Mercado, alleging in part that the transfer discriminated against her on the basis of age and therefore violated her rights under the equal protection clause. Mercado claimed that the transfer was rationally related to furthering a legitimate state interest in maximizing viewership for the public television channel and therefore was a permissible action. Will the court agree with Mercado? (In forming your answer, disregard the fact that Prieto could have sued Mercado under a federal law prohibiting age discrimination in employment. She based her claim only on the equal protection clause. The sole issue here is whether the state's interest was sufficient to justify replacing Prieto.)
What types of accounts are reconciled to determine cash flows from operating activities?
What will be an ideal response?