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1. A firm's independent auditors have the responsibility to:
a. assess the firm's accounting policies.
b. ascertain the firm's profit potential.
c. uncover all fraudulent activities.
2. A firm's cash dividends were $3.96 per share of common stock for calendar 2008. In 2009 the stock was split 3 for 1, and in 2010 a 10% stock dividend was issued. Dividends per share for 2008, to be reported in the firm's annual report for 2010, are:a. $3.96b. $1.32c. $1.20
3. Business segment information is included in the explanatory notes to financial statements because:a. the amounts shown on the financial statements of most companies are just too large to comprehend.b. current and potential investors can make more informed judgments about the company.c. net income from various geographic areas can be clearly determined.
4. For 2008, Skresso Co. reported $3.64 of earnings per share of common stock. During 2009 the firm had a 4% common stock dividend. 2008 earnings per share to be reported in the annual report for 2009 are:a. $3.64b. $3.50c. $3.49
5. Management's statement of responsibility:a. usually refers to the company's system of internal controls.b. emphasizes that the auditors are responsible for the financial statements.c. gives the president of the company an opportunity to explain why profits changed.
Select Appropriate Alternative Courses of Action In practice, decision-making includes choosing among competing alternative courses of action and choosing the alternative which
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1. In order to boost the housing market throughout 2009 and into 2010, the federal government offered a tax credit to first-time home buyers and some repeat buyers.
Given the persistent problem with starvation in some parts of the world, and the anticipated population growth in developing nations, do we need genetically modified foods? Is it r
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why the activity costing have most comparative bid?
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A firm requires continuously monitoring and controlling its receivables to make sure that the dues are paid on the due date and no dues stay outstanding for a long period of time.
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