Question
36) Bostick Company traded ink that cost it $100 for feathers that cost the seller $200. The fair market value of the ink is
36) Bostick Company traded ink that cost it $100 for feathers that cost the seller $200. The fair market value of the ink is $150 and the fair market value of the feathers is $150. The auditor expects to see revenue reported at a) $0 b) $100 c) $150 d) None of the above 37) If the auditor is concerned about fraudulent sales, the account most likely to be audited is a) Cash b) Revenue c) Purchases d) Accounts Receivable 38) A loss relates to while an expense relates to a) core operations, peripheral operations b) peripheral operations, core operations c) the balance sheet, the income statement d) the income statement, the balance sheet
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