The auditor's report on the published financial statements of a large corporation should be viewed as:
A. The opinion of independent experts as to the overall fairness of the statements.
B. The opinion of the corporation's chief accountant as to the overall fairness of the statements.
C. A guarantee by a firm of certified public accountants that the statements are accurate.
D. A guarantee by the Financial Statements Insurance Board that the statements do not overstate assets or net income.
A
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A business is separate from its owners; this concept is known as:
a. Going concern b. Business entity c. Accounting equation d. Information usefulness
Red Grass Company produces high definition television sets. The following information is available for this product:
Fixed cost per unit $250 Variable cost per unit 750 Total cost per unit 1,000 Desired ROI per unit 300 The target selling price for this television is a) $1,050. b) $1,000. c) $1,300. d) $550.