The capital account describes ________
A) international transactions that involve currently produced goods and services
B) the flow of capital between the U.S. and other countries
C) payments between the U.S. and other countries
D) current IOUs of the U.S.
B
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An auditor has the responsibility to actively search for subsequent events that occur subsequent to the
A) balance sheet date. B) date of the auditor's report. C) balance sheet date, but prior to the audit report. D) date of the management representation letter.
Which of the following is the best opening for an adjustment message?
A) Unfortunately, your negative experience with our restaurant reflects a common complaint by our customers. B) We have credited your account for $36 to refund your dining bill. C) We are so sorry that you had a bad experience while dining with us last month. D) Although we generally don't offer refunds, we're willing to make an exception in this case.