Who is responsible for establishing auditing standards for privately held companies?
A) Securities and Exchange Commission
B) Public Company Accounting Oversight Board
C) Auditing Standards Board
D) National Association of Accounting
C
Business
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The replacement cost of an inventory item is $50. Net realizable value is $55. Net realizable value less a normal profit margin is $46. The cost of the item is $5. The inventory item would be valued at:
a) $46 b) $50 c) $51 d) $55
Business
Which of the following is used to determine how the sales revenue of a company has changed from one year to the next?
A) vertical analysis of the balance sheet B) horizontal analysis of the income statement C) horizontal analysis of the balance sheet D) vertical analysis of the income statement
Business