The assignment of limited partnership interests:
A) is prohibited by the ULPA
B) may be a sale of securities subject to federal regulation.
C) is liberally permitted under the Internal Revenue Code.
D) None of the above
B
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The cost of purchasing patent rights for a product that might otherwise have seriously competed with one of the purchaser's patented products should be
a. charged off in the current period. b. amortized over the legal life of the purchased patent. c. added to factory overhead and allocated to production of the purchaser's product. d. amortized over the remaining estimated life of the original patent covering the product whose market would have been impaired by competition from the newly patented product.
Divisional management stated that a recent gross margin increase was due to increased efficiency in manufacturing operations. Which of the following audit procedures would be most relevant to that assertion?
a) Select a sample of finished goods inventory and trace raw materials cost back to purchase prices to determine the accuracy of the recorded raw materials price. b) Obtain a physical count of inventory. c) Take a physical inventory of equipment to determine if there were significant changes. d) Select a sample of products, then compare costs per unit this year to those of last year, test cost buildups, and analyze standard cost variances.