Choose the correct statement about audits of corporations:

a. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP.
b. It is the employees of the firm being audited who perform the annual audit of the financial statements of that firm.
c. Outside auditors are paid by the government for auditing the financial statements of corporations.
d. Revenue Canada performs audits of corporations' financial statements

What does the consumer price index measure? a. the change in prices of all goods and services over time b. the change in prices of specific goods and services over time c. the change in prices of final goods and services over time

What preforms the best over the long term? a) bonds b) mutual funds c) stocks d) certificate of deposit

Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.