Determining Adjusted Gross Income is the final step in calculating federal income tax.

The theory of absolute advantage suggests that under free, unregulated trade, each nation should specialize in producing those goods it can produce most efficiently.

a. true b. false

An auditor dated the audit report for a client on February 15. The related financial statements were issued on March 10. On April 8, the client suffered the loss of a significant portion of its plant facilities by fire. The client requested additional copies of the previously issued report on May 5. Assuming no additional audit work has been or will be performed, the auditor should

a. Disregard the casualty and reissue the original report with no change in date. b. Have the client disclose the event in a separate note to the statements identified as "Event (Unaudited) Subsequent to the Date of the Report of the Independent Auditor." c. Use dual dating. d. Either have the client disclose the event in a separate note to the statements identified as "Event (Unaudited) Subsequent to the Date if the Report of the Independent Auditor" or use dual dating.