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An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?
a) If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor will generally issue an unqualified opinion with additional explanatory language.
b) When a material weakness exists, the auditor should issue an adverse opinion.
c) When a significant deficiency exists, the auditor may issue either a qualified or adverse opinion.
d) If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor may issue either a qualified opinion or an adverse opinion.
Which financial statement requires input from the income statement and statement of retained earnings. Also what information does this financial statement provide
Bailey Company sells 25,000 units at $15 per unit. Variable costs are $8 per unit, and fixed costs are $35,000. The contribution margin ratio and the unit contribution margin, (rounding to two decimal points) are:
On March 1, 2005, Andrews Corporation issued $900,000, 8%, 5-year bonds dated January 1, 2005, for $834,500, including accrued interest. The bonds pay semi-annual interest on January 1 and July 1 and mature on January 1, 2010. The company uses the..
What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next year, if any?
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.
The Ackert Company's last dividend was $1.55. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever. The firm's required return (rs) is 12.0%. What is the best..
ABC company pays a sales commission of 5% on each unit sold. If a graph is prepared with the vertical axis representing per-unit cost and the horizontal axis represented units sold how would a line that depicts sales commission be drawn?
The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000.
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job
Emily, one hundred (100) shares of stock and Frank, four hundred (400) shares of stock. Wren Corporation redeems one hundred fifty (150) of Frank's shares of stock (Adjusted Basis of $60,000) for $150,000. As a result of this transaction, which of..
Accrued rents on the apartment building are as follows" 70,000 (date of death) and 60,000 (six months later). In order to pay expenses, the executor of Arlene's estate sells the Tan stock for $600,000 eight months after her death.
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