Lisa Smith Decided to Start Her CPA Practice as a Sole

question 114

Multiple Choice

Lisa Smith decided to start her CPA practice as a sole proprietorship.The business purchased an office building for $35,000.The real estate agent said the building was worth $50,000 in the current market.The business recorded the building as a $50,000 asset because Lisa believes that is the real value of the building.Which of the following concepts or principles of accounting is being violated?

• A) cost principle
• B) economic entity assumption
• C) monetary unit assumption
• D) going concern assumption

Distinguish between significant and meaningful results in statistical analysis.

Understand the importance of homogeneity of variances in t-tests.

Know how to handle and interpret different sample sizes in statistical analysis.

Interpret the meaning of specific symbols and notations in the context of statistical tests (e.g., t, p).

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Definitions:

Goals

Specific, measurable, achievable, relevant, and time-bound objectives that guide an individual's or organization's efforts.

Mystery Shoppers

Individuals employed covertly to evaluate customer service, product quality, and the overall environment of retail or service outlets.

Performance Appraisal

An evaluation of an employee's job performance against pre-established criteria.

Departmental Stores

Large retail establishments that offer a wide variety of goods and services divided into departments for efficient shopping and organization.