Which statement below is not correct regarding the Parmalat scandal? A) This scandal involved a subsidiary in a tax haven, Cayman Island. B) The misstatement was uncovered by its auditor. C) Cash balance was materially misstated. D) Parmalat was pushed into bankruptcy and was labeled as "Europe's Enron" The audit working papers often include a client-prepared, aged trial balance of accounts receivable as of the balance sheet date. This aging is best used by the auditors to: A) Consider internal control over credit sales. B) Test the accuracy of recorded credit sales. C) Estimate credit losses. D) Verify the validity of the recorded receivables. SuperElectric's Aviation Division entered into a contract to sell some engines as well as training services to Sauline Inc., an airplane maker on June 30, 2018. SuperElectric is a publicly traded firm and a member firm of the Dow Jones 30 Index. The contract covers two small engines (each at $8 million dollars) and consulting/training services ($2 million in total). The engines were delivered on July 15, inspected and accepted by Sauline by July 17, 2018. Four identical training sessions were scheduled for Aug 1 (2018). November 1 (2018), February 1 (2019), and February 1 (2020). Which of the following statements is correct? A) SuperElectric will recognize $17 million in revenue under this contract in 2018. B) SuperElectric recognizes revenue when revenue is earned and cash is collected or collectible in the future. C) SuperElectric will recognize $18 million in revenue under this contract in 2018 when contract was signed on June 30, 2018 D) SuperElectric will recognize $17 million in revenue for this contract by the end of September 2018