Budgeting decisions involve a tradeoff between spending today and allocating funds for the future

The rate of return on common stockholders' equity shows the relationship between net income available to common stockholders and their average common equity invested in the company

Indicate whether the statement is true or false

The primary reason for an audit by an independent, external audit firm is to

a. Satisfy governmental regulatory requirements b. Guarantee that there are no misstatements in the financial statements and ensure that any fraud will be discovered c. Relieve management of responsibility for the financial statements d. Provide increased assurance to users as to the fairness of the financial statements