The concept of materiality is least important to an auditor when considering the
a. Effects of a direct financial interest in the client on the CPA's independence
b. Decision whether to use positive or negative confirmations of accounts receivable
c. Adequacy of disclosure of a client's illegal act
d. Discovery of weaknesses in a client's internal control
Ans: a. Effects of a direct financial interest in the client on the CPA's independence
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Brighton, Inc. issued 25,000 shares of $10 par value common stock for $500,000, purchased 10,000 shares of treasury stock with a par value of $10 for $150,000, and paid $20,000 in cash dividends. Net cash flows from financing activities totaled
A. $0. B. $330,000. C. $180,000. D. ($570,000).
Which of the following Confucian ethics is central to the Chinese concept of guanxi?
A. Holding all material possessions in trust for God B. Renunciation of the material world C. Devoting life to a spiritual quest D. Reciprocal obligations E. Individual progress