If a company's external auditor expresses an unmodified opinion as a result of the audit of the company's financial statements, readers of the audit report can assume that
a. The external auditor found no fraud
b. The company is financially sound and the financial statements are accurate
c. Internal control is effective
d. Material issues about the application of accounting principles were resolved to the satisfaction of the external auditor
Ans: d. Material issues about the application of accounting principles were resolved to the satisfaction of the external auditor
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What information about revenues by geographic area should a company present?
A) disclose separately the amount of sales to unaffiliated customers and the amount of intra-entity sales between geographic areas B) disclose as a combined amount sales to unaffiliated customers and intra-entity sales between geographic areas C) disclose separately the amount of sales to unaffiliated customers but not the amount of intra-entity sales between geographic areas D) no disclosure of revenues from gorge in operations need to be disclosed
What is defined as a set of unique features of a company and its products perceived by the target market as significant and superior to the competition?
a. a unique selling proposition b. a competitive advantage c. a special benefit d. a comparative differentiation