Which of the following is a core principle for the professional practice of internal auditing? the internal audit activity:
a) provides risk-based assurance
b) maintains confidentiality
c) exhibits professional skepticism
d) adopts audit methodology consistent with external auditors
e) promotes an ethical culture in the internal auditing profession
Answer: a) provides risk-based assurance
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On June 30, Year 1, Cashews, Inc., issued $200,000 worth of 8% bonds at 100.000. Interest will be paid annually on June 30. For each item listed below, select the correct dollar amount and December 31 Year 1 financial statement for each line item. What is interest payable?
A. 16,000; Balance Sheet B. (16,000); Income Statement C. (8,000); Income Statement D. 8,000; Balance Sheet E. 200,000; Balance Sheet F. (16,000); Statement of Cash Flows G. 0; Statement of Cash Flows
In the New York coupon experiment mentioned in your text, the experiment was conducted to test the effects of the face value of coupons on the likelihood of coupon redemption. Subjects were randomly assigned to 2 treatment groups
One group was offered 15-cent coupons and the other 50-cent coupons for four products. During the interviews, the respondents answered questions about which brands they used and how likely they were to cash coupons of the given face value the next time they shopped. In the preceding experiment, the dependent variable that was ________. A) brand usage B) the value of the coupon (15-cent versus 50-cent coupon) C) the likelihood of cashing the coupon D) individual shoppers