Quiz 1: Financial Statements and Business Decisions
The Auditor Can Be Held Liable for Malpractice in Situations
The auditor can be held liable for malpractice in situations where the investors suffered losses while relying on the financial statements.
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One of the advantages of a corporation when compared to a partnership is the limited liability of the owners.
Which of the following describes the primary objective of the balance sheet? A)To measure the net income of a business up to a particular point in time. B)To report the difference between cash inflows and cash outflows for the period. C)To report the financial position of the reporting entity at a particular point in time. D)To report the market value of assets,liabilities,and stockholders' equity at a particular point in time.
During the current fiscal year,a company had revenues of $400,000,cost of goods sold of $280,000,and an income tax rate of 30 percent on income before income taxes.What was the company's current year net income? A)$120,000 B)$36,000 C)$84,000 D)$400,000
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