Beth Babett, CPA, is associated with a client's financial statements but is not independent with respect to the client. If she is requested to perform an audit on the financial statements, she should
a. Recommend that the engagement be downgraded to a review
b. Disclaim an opinion
c. List the procedures performed in the audit report
d. Express a piecemeal opinion
Ans: b. Disclaim an opinion
Business
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Martinez owns an asset with a book value of $47,000. The company sells the equipment for cash of $42,000. At the time of the sale, the company should record
A. no gain or loss on the sale B. a loss on sale of $2,000 C. a gain on sale of $5,000 D. a loss on sale of $5,000
Business
__________are typically categorized by a sudden and unpredictable spike in sales followed by a rather abrupt decline
Fill in the blanks with correct word.
Business