To be in compliance with Conway-Bogue, a Colorado broker must do all of the following EXCEPT
a. have a connection to the transaction
b. use only standard or approved documents unless an attorney prepares them for a party to the transaction
c. give a written disclosure prior to accepting any confidential information
d. not charge a separate fee for completing legal documents
Answer: c. give a written disclosure prior to accepting any confidential information
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A department store had items in its inventory at the end of the year that had a recorded book value of $10,000 and, because of fashion changes, a market value of only $7,000 . The department store failed to write down these inventory items to market value. To keep the obsolete condition of the inventory items away from its auditors, the firm shipped the goods to a remote warehouse. The effect of
this error was to a. understate the inventory turnover ratio. b. overstate the cost of goods sold to sales percentage. c. overstate the total assets turnover ratio. d. understate net income. e. none of the above