Blonnick Corp. has found that its weighted average collection period has increased from 50 days last year to 55 days this year, and its average days of receivables this year is 48 compared to 52 last
A. Blonnick has relaxed its credit standards this year.
Blonnicks credit customers are paying more slowly this year.
Credit sales are a greater part of Blonnicks business this year.
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According to Statement on Auditing Standards No.99, Consideration of Fraud in a Financial Statement Audit, which of the following is least likely to be a risk factor related to opportunities to commit
A. Significant related-party transactions.
B. High turnover among accounting and information systems personnel.
C. Aggressive or unrealistic profitability expectations from third parties.
Taking an impairment charge due to a decrease in the value of a long-lived depreciable asset is least likely, in the period the impairment is recognized, to reduce a firms:
A. Net income.
B. Operating income.
C. Taxes payable.
The post-audit is used to:
A. Improve cash flow forecasts and stimulate management to improve operations and bring results into line with forecasts.
B. Improves cash flow forecasts and eliminates potentially profitable but risky projects.
C. Stimulate management to improve operations,bring results into line with forecasts,and eliminate potentially profitable but risky projects.
A decrease in a firms inventory turnover ratio is most likely to result from:
A write-down of inventory.
B. Goods in inventory becoming obsolete.
C. Decreasing purchases in a period of stable sales.
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