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NEW QUESTION: 1
Which of the following questions are considered a part of short-term finance?
I). How much credit should be extended to customers?
II). What is a reasonable level of cash for the firm to maintain?
III). How much of the firm's current income should be paid out as dividends?
IV). Should the firm issue commercial paper or obtain a bank loan?
A. II, III and IV.
B. I, II, and IV.
C. I, II and III.
Answer: B
Explanation:
II: The level of cash is also a short-term financing consideration.
NEW QUESTION: 2
In the first audit of a client, an auditor was not able to gather sufficient evidence about the consistent
application of accounting principles between the current and prior year, as well as the amounts of assets
or liabilities at the beginning of the current year. This was due to the client's record retention policies. If the
amounts in question could materially affect current operating results, the auditor would:
A. Be unable to express an opinion on the current year's results of operations and cash flows.
B. Specifically state that the financial statements are not comparable to the prior year due to an
uncertainty.
C. Express a qualified opinion on the financial statements because of a client-imposed scope limitation.
D. Withdraw from the engagement and refuse to be associated with the financial statements.
Answer: A
Explanation:
Explanation/Reference:
Explanation:
Choice "A" is correct. Since the auditor was unable to gather sufficient evidence on the beginning balances
of the balance sheet accounts, the auditor would be unable to express an opinion on the current year's
results of operations and cash flows. The auditor could express an opinion on the statement of financial
position.
Choice "B" is incorrect. Since the scope limitation could have a pervasive effect on the financial statements
(affecting all assets and liabilities), a disclaimer of opinion (and not merely a qualified opinion) is required
on the income statement and statement of cash flows. An opinion may be expressed on the year-end
statement of financial position.
Choice "C" is incorrect. The auditor does not need to withdraw from the engagement and refuse to be
associated with the financial statements.
Choice "D" is incorrect. An uncertainty does not exist. The auditor can express an opinion on one of the
financial statements.
NEW QUESTION: 3
A. Memory weight
B. Dynamic Memory
C. NUMA topology
D. Resource control
Answer: B
Explanation:
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NEW QUESTION: 4
What does packet latency thresholding measure?
A. the amount of time it takes for a rule to process
B. the total elapsed time it takes to process a packet
C. the time span between a triggered event and when the packet is dropped
D. the amount of time it takes to process an event
Answer: B
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