Closing is January 21. The purchaser is taking out new $70,000 loan at 11% interest. How much prepaid interest is due at closing?

Recommendations should be included in the final audit comminicatios to:

a) Minimize the amount of time required to correct audit observations. b) Ensure that problems are resolved in the manner suggested by the auditor. c) Provide management with options for addressing audit observations. d) Guarantee that audit observations are addressed regardless of cost.

According to the profit-seeking school of social responsibility, a firm must have clear ethical standards and a sense of social responsibility for its unintended acts in order to maximize profits and to survive in both the short and long runs

Indicate whether the statement is true or false