The auditor must consider whether it is appropriate to assume that the client will remain as a
Question:
The auditor must consider whether it is appropriate to assume that the client will remain as a going concern:
(a) If there are mitigating circumstances.
(b) Only if the client is listed on a stock exchange.
(c) Because going concern means the client is facing bankruptcy.
(d) Because this question affects the appropriate basis for valuing assets.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (4 reviews)
d Because this ...View the full answer
Answered By
Sultan Ghulam Dastgir
The following are details of my Areas of Effectiveness English Language Proficiency, Organization Behavior , consumer Behavior and Marketing, Communication, Applied Statistics, Research Methods , Cognitive & Affective Processes, Cognitive & Affective Processes, Data Analysis in Research, Human Resources Management ,Research Project,
Social Psychology, Personality Psychology, Introduction to Applied Areas of Psychology,
Behavioral Neurosdence , Historical and Contemporary Issues in Psychology, Measurement in Psychology, experimental Psychology,
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing A Practical Approach
ISBN: 9780730364573
3rd Edition
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
Question Posted:
Students also viewed these Business questions
-
The auditor must consider whether it is appropriate to assume that the client will remain as a going concern: (a) because this means that assets are valued on the basis that they will continue to be...
-
For each of the following brief scenarios, assume that you are reporting on a clients financial statements. Reply as to the type(s) of opinion (per below) possible for the scenario. In addition: ...
-
A. Explain what is delta for an option? By considering the Black-Scholes formula for a non-dividend-paying stock, write down the formula for delta of a European call. (b) What is the trader's...
-
Consider the approximation of the welfare loss due to inter-area deviations from the correct rate of care. All else equal, which procedures would yield the largest welfare losses those with low price...
-
Loumos Corp. produces and sells automotive and aircraft safety belts. To finance its operations, Loumos Corp. issued $15,000,000 of 25-year, 8% callable bonds on June 1, 2006, with interest payable...
-
A bond is purchased for \($9\),855.57. It is kept for 5 years, and interest is received at the end of each year. Immediately following the owners receipt of the fifth interest payment, the owner...
-
How long have you been working in your current position?
-
Morris Corporation is publicly owned, and its shares are traded on a national stock exchange. Morris has 16,000 shares of $2 stated value common stock authorized. Only 75% of these shares have been...
-
1. Brody knows that he can afford a monthly mortgage payment of $1500. The bank will offer him a mortgage rate of 2.14% compounded monthly over a 25 years period. Calculate the most expensive home...
-
Melinda has drafted an audit plan for a new client. The client is Jimmys Cakes, a caf and catering business. Jimmys Cakes earns 60 per cent of its revenue from the caf (food and beverage sales for...
-
An example of an incentive or pressure that increases the risk of fraud is: (a) The client operates in a stable industry. (b) The client has a history of making losses. (c) Management remuneration...
-
Air at 40C flows over a long, 25-mm-diameter cylinder with an embedded electrical heater In a series of tests, measurements were made of the power per unit length, P', required to maintain the...
-
On the first day of the fiscal year, a company issues a $2,000,000, 8%, five year bond for $2,170,600. Interest is paid semiannually. Premiums and discounts on bonds payable are amortized using the...
-
Three objects of equal size and uniform mass density -- a solid sphere, a solid cylinder, and a hollow cylinder -- are placed at the top of a ramp as shown in the image. They are all released from...
-
6. The following figure shows the internal circuit diagram of bidirectional I/O port where one tristate buffer, one p-type FET and one n-type FET are given and controlled by control signals A, B and...
-
in 2018 rachelle's house boat was destroyed by a storm in a region that was declared a federal disaster by the prseident. she purchased the boat in 2015 for 45,000 on what forms will rachelle report...
-
4. Consider the following person database and hash function: Table 3: Person Database Name Ross } Chandler Monica Age 32 int hash_function(person P) { 36 30 string name P. name; int age P.age; int...
-
William George is the marketing manager at Crunchy Cookie Company. Each quarter, he is responsible for submitting a sales forecast to be used in the formulation of the companys master budget. George...
-
Sportique Boutique reported the following financial data for 2012 and 2011. Instructions(a) Calculate the current ratio for Sportique Boutique for 2012 and 2011.(b) Suppose that at the end of 2012,...
-
Jones and Jones, CPA, has a manufacturing client, Widgit Technologies, Inc. (WTI), that is a small, owner-managed business with annual revenues of approximately $8 million. WTI employs a bookkeeper...
-
A CPA would violate the AICPA rule on integrity and objectivity if: a. A CPA in industry knowingly misrepresented the earnings of the company he worked for. b. A CPA in public practice represented...
-
Assume that a CPA has an opportunity to bid on a new audit client. The accounting firm is being considered because the CPAs best friend from college is the CFO of the potential client. Apply the...
-
You are offered an asset that costs $600 and generates cash flows of $100 at the end of each year for the next 10 years. If the appropriate discount rate for the asset is 8%, should you buy it? What...
-
Assume that: Johnstone and Joleen Straw each own 50% of the issued shares in the company. The Straws are to be assessed for taxation purposes in the current financial year as a small business on the...
-
An investor is promised the following set of annual cash flows if she invests today: YEAR 1 2 3 4 Cash flow $1,000 $1,100 $1,400 $2,200 If the investor has a 12% APR, how much can she pay today for...
Study smarter with the SolutionInn App