An auditor ordinarily uses a working trial balance resembling the financial statements without notes, but containing columns for

a. Cash flow increases and decreases
b. Risk assessments and assertions
c. Reclassifications and adjustments
d. Reconciliations and tickmarks

Ans: c. Reclassifications and adjustments

Business

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A man bought two 60 foot lots for $18,000 net each and divided them into three lots of equal frontage which he sold for a price of $15,000 each. His percentage of gross profit was most nearly:

A: 15%; B: 20%; C: 25%; D: 40%.

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Surveys of employees often find which one of the following is the "preferred source" of information?

A. The "grapevine" D. The chief executive officer B. The organization's website E. The immediate supervisor C. The weekly employee publication

Business