The Auditor Has Set Materiality at XYZ Company of $50

question 22

Multiple Choice

The auditor has set materiality at XYZ Company of $50 000 based upon a percentage of net assets.The company currently has a small profit (only $3500) .Which of the following items would the auditor most likely consider to be material and request an account balance adjustment?

• A)a misclassification between accounts receivable and accounts payable of $10 000
• B)incorrect allocation of a note payable to current rather than long term
• C)poor wording in a note to the financial statements,making it a bit difficult to understand
• D)an understatement of depreciation expense,which would increase depreciation by $5000

Develop skills in creating and presenting fictional dialogues to explore complex philosophical ideas.

Foster critical thinking and debate skills through the exploration of various viewpoints on truth.

Encourage creative expression in the presentation of philosophical concepts.

Promote understanding of how philosophical theories of truth can be applied to real-life situations.

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Definitions:

Agonist

A chemical or drug that binds to receptors in the brain and causes a reaction, often mimicking the action of naturally occurring substances.

Neuron

A cell of the nervous system responsible for receiving and transmitting information through electrical and chemical signals.

Axon

A long, slender projection of a nerve cell that transmits electrical impulses away from the neuron's cell body to other neurons, muscles, or glands.

Dendrite

A branched, tree-like structure in neurons that receives neural signals from other neurons.