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Barkley owns a vacation cabin that was rented to unrelated parties for 10 days during the year for $2,500. The cabin was used by Barkley for 3 months and left vacant for the rest of the year. Expenses for the cabin were as follows. Real estate taxes $1,000 Maintenance and utilities $2,000 How much real income (loss) is included in Barkley's adjusted gross income?

a. $(500) b. $0 c. $(1,500) d. $500

Directional testing is important to an auditor because of which of the following factors?

a. Certain accounts are more prone to be misstated by overstatement than others. b. The auditor must remain organized when conducting an audit. c. The primary concern of the auditor is the understatement of asset and revenue accounts. d. It tests for existence and completeness simultaneously.