The AICPA committee on assurance services has identified a professional service called ElderCare (PrimePlus) services. One fundamental purpose of this assurance service is to assist the elderly and their families by
a. Investing the funds of the elderly person
b. Reporting whether specified objectives are being met by caregivers
c. Choosing caregivers
d. Performing operational audits of healthcare providers
Ans: b. Reporting whether specified objectives are being met by caregivers
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Given the following cash flows for a capital project, calculate the NPV and IRR. The required rate of return is 8 percent.
Year 0 1 2 3 4 5 Cash flow ?50,000 15,000 15,000 20,000 10,000 5,000 A. $1,905 10.9% B. $1,905 26.0% C. $3,379 10.9%
Mars Chemicals Company uses the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet: Mars Chemicals Company Comparative Balance Sheet December 31, 2017 and 2016 2016 2015 Increase/(Decrease) Common Stock $33,000 $2,500 $30,500 Retained Earnings 154,000 155,000 (1,000 ) Treasury Stock (8,500 ) (5,200 ) (3,300 ) Total Equity $178,500 $152,300 $26,200 Net Income for the year was $60,000. Which of the following statements is true of Taylor's statement of cash flows for 2016? A) The company issued stocks for $33,000. B) The company declared $61,000 as dividends. C) The company purchased treasury stock for $8,500. D) The net cash flow from financing activities is $178,500.