What can users of the audit report reasonably expect from the audited financial statements?
a. The financial statements are complete and contain many of the important financial disclosures.
b. The financial statements are presented fairly according to the substance of GAAP.
c. The financial statements are free from all errors.
d. All of the above.
e. None of the above.
b
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Answer the following statements true (T) or false (F)
1. During a manager's meeting, Paula, a district manager, discussed how to handle sensitive employee issues and indicated correctly that management is really just an art. 2. Jeffrey Pfeffer and Robert Sutton believed that evidence-based management is founded on the belief that facing the hard facts about what works and accepting the nonsense that passes for sound advice will help organizations perform better. 3. Peter Drucker was a 20th-century socialist, opposed capitalism and believed that managers were more of a hindrance than a help to most organizations. 4. Ali, a CEO of a large IT organization, understands that many challenges are coming in his industry; therefore, he tells his upper-level management that it's helpful to look at theoretical perspectives of management to help make predictions and develop principles to guide future company strategies and actions. 5. Susan, a department manager, believes that ever since the corporate office eliminated certain benefits to reduce costs, her employees have not been working as hard as in the past. This reduction in effort is known as "soldiering."
Although a stapler that costs $15 is a long-term asset, can be expensed because the amount is immaterial and will not affect anyone's decision making
Indicate whether the statement is true or false
Fantastic Futons manufactures futons. The estimated number of futon sales for the first three months of 2014 are as follows: January 40,000 February 50,000 March 60,000 Finished goods inventory at the end of 2013 was 10,000 units. On average, 25 percent of the futons to be sold in the next month are produced and kept as ending balance in finished goods inventory. The planned selling price is $150
per unit. How many futons are budgeted to be produced in February by Fantastic Futons? A) 37,500 B) 65,000 C) 52,500 D) 55,000
Which of the following is a major benefit to a retailer's use of the Web as opposed to a bricks-and-mortar facility?
a. better credit card security b. simpler logistics c. ability to target individual customers d. lack of clutter