Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Related questions
Question
Which of the following statements regarding materiality is True?
a.
In general terms, levels of materiality are set depending on an auditor’s judgements.
b.
Materiality is determined at the start or planning phase of an audit engagement. It is a component of an audit that remains an unmoving benchmark.
c.
Common benchmarks that may be appropriate, may be based on levels of reported income in categories such as profit before tax, total revenue, total expenses, gross profit, total equity or net assets.
d.
Misstatements, including omissions, are considered to be material if they, individually or in aggregate, could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- Pls help ASAParrow_forwardWhich of the following steps can help a business avoid embezzlement? Group of answer choices Use independent auditors. Investigate promptly any employee whose lifestyle suddenly changes. Require co-signing of checks. All of the above.arrow_forward1.Which of the following statements is incorrect about risk and risk management? a.Risk can be classified as either an opportunity or a threat. b.A risk management system can only be as good as the people manning it. c.Risk management should be performed by management accountants only. d.The risk management philosophy must be embedded in the company’s structure and culture. 2.Which of the following is not considered as a key to a successful strategic risk management? a.Top management support b.Covering all known risks in the existing risk management activities c.Updating and educating the board and top management d.Leverage existing resources 3.Which of the following is not considered as a limitation of strategic risk management? a.It requires specialized skills and capabilities in strategy and risk management b.It requires working beyond the silos in risk management c.It requires updating and educating the board and top management d. Strategy, risk assessment, and risk management…arrow_forward
- The goal of the firm be defined as a Select one: O a. Target against which its cost can be measured O b. None of the options O c. Target against which its sales can be measured O d. Target against which its performance can be measured O e. Target against which its plans can be measuredarrow_forwardTufte's argument that the space shuttle Challenger disaster was a direct result of the poorly displayed information. This example of the possible consequences of poor data display is certainly extreme. But similarly, poor data displays are an everyday occurrence in many organizations in the world and lead to mistakes; missed opportunities; and the loss of time, money, and sometimes, life or limb. the development of new ways of visualizing information is an active and exciting area of current research. However, to properly and effectively apply these new methods, one must first develop an awareness of where and how information is currently being displayed badly. Find an example of a poor information display that is currently in use in a business organization. This can be a chart that doesn't include all the information needed to draw a correct conclusion from the data presented, one that hides the important information behind a clutter of irrelevant data, one that forces incorrect…arrow_forwardSurvey reports are always part of the process of a research paper under Chapter 4 even when the methodology does not employ survey method. Survey reports conducted by companies, government or non-government organizations do not undergo validation of data through series of evaluation from experts. First statement is accepted; the second statement is rejected First statement is rejected; the second statement is accepted Both statements are accepted Both statements are rejectedarrow_forward
- When auditors physically observe various items recorded in property, plant, and equipment, they are gathering evidence related to the audit objective of completeness. Orights and obligations. O existence. O presentation.arrow_forwardWhen calculating the marketing ROI, a.it is relatively straight forward to estimate the profit from as well as the investment that goes into a marketing initiative since marketing initiatives are not very complicated. b.it is easy to estimate the profit from a marketing initiative but difficult to estimate the investment that goes into it. c.it is difficult to estimate the profit from as well as the investment that goes into a marketing initiative. d.it is difficult to estimate the profit from a marketing initiative but easy to estimate the investment that goes into it. Which one?arrow_forward3 Which of the following statements about the evaluation of an investment having uneven cash flows using the payback method is correct? Select one: a. It will produce essentially the same results as those obtained through the use of discounted cash flow techniques. b. It requires the use of a sophisticated calculator or computer software. c. It can be done only by matching cash inflows and investment outflows on a year-by-year basis. d. It CANNOT be done.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education 
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.