For financial reporting purposes, the gain or loss on the sale of a plant asset is determined by comparing the asset's:
A. Cost with its book value.
B. Sales price with its book value.
C. Tax basis with its book value.
D. Sales price with its tax basis.
B
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If the auditor of obtains satisfaction with respect to the accounts receivable balance by alternative procedures because it is impracticable to confirm accounts receivable the auditor's report should be on modified and could be expected to
a. Disclose that alternative procedures were used because of a management imposed scope limitation b. Disclose in the opinion paragraph that confirmation of accounts receivable was impracticable c. Not mention alternative procedures d. Refer to a note that discloses the alternative procedures
Meaty Bones dog biscuit recently advertised that its treats are now bigger and would last longer than previously. The maker of Meaty Bones has made what type of modification in its product?
a. implied b. functional c. adaptive d. aesthetic