FIN 3715 Chapter : FIN 3715 Chapter 7 Power Point Spring 2013

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azuremammoth471

15 Mar 2019

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Statement- a statement is a sentence that is capable of being either true or false. Argument- an argument is a group of statements, one of which (the conclusion of the argument) is supposed to be supported by the remaining statements (the premises of the argument). Truth value- a statement may be either true or false. A true statement is said to have the truth value. True; a false statement is said to have the truth value false. Deductively valid- an argument is deductively valid if and only if it is impossible for (all) its premises to be true and its conclusion false. Sound- an argument is sound if and only if (i) it is deductively valid and (ii) all of its premises are true. Inductively valid- an argument is inductively valid if and only if its conclusion is probably true if (all) its premises are true.

Related Questions

Consider the following statements:

I. The auditor should only provide an opinion on the financial statements if the opinion indicates

that the financial statements are fairly stated in all material respects.

II. The audit report is modified to five paragraphs as a result of another audit firm performing part of

the financial statement audit (Refer to Shared Report topic).

a. I is true; II is true

b. I is true; II is false

c. I is false; II is true

d. I is false; II is false

2. Consider the following statements:

I. After the balance-sheet date but prior to the audit report date, the client decides to acquire

Bargain Company to obtain a significant increase in revenues. The auditor would probably give a

report that includes the statement: âexcept for the acquisition of Bargain Company â¦â

II. For a change in accounting principles that management does not justify to the auditor, the

auditor will likely choose between a qualified and an adverse opinion.

a. I is true; II is true

b. I is true; II is false

c. I is false; II is true

d. I is false; II is false

3. Consider the following statements:

I. The failure of a client to include a Statement of Cash Flows will result in the issuance of a

disclaimer of opinion by the auditor.

II. The auditor will issue an unqualified opinion on Internal Controls over Financial Reporting (ICFR)

if the auditor has identified only one material weakness in ICFR.

a. I is true; II is true

b. I is true; II is false

c. I is false; II is true

d. I is false; II is false

1. A project has a first cost of $14,000, uniform annual benefits of $2400, and a salvage value of $3000 at the end of its 10-year useful life. What is the net present worth at an interest rate of 12%?

	$560
	$526.45
	$500.24
	$500.45

2. The project in question 1 is acceptable?

	True
	False

3. If you are comparing four alternatives with all having a PW > 0, your conclusion will be that all alternative are not acceptable?

	True
	False

4. In question 3, the alternative with largest PW will be most feasible?

	True
	False

fuchsiamouse52

______ 1. If a person dies without a valid will or fails to dispose of certain items of property in a will, the person is said to have died _____.

______ 2. A(n) ______ is a document that verifies the wishes of the testator to restrict the use of extraordinary procedures and equipment to prolong life.

______ 3. Many states provide that _____ children are entitled to receive the amount they would have received through intestate succession.

______ 4. A gift of personal property is called a(n) _____.

A. Self-Proving Will B. Probate C. Pretermitted D. âLast Wishesâ Statement E. Intestate

F. Devise G. Living Will H. Bequest I. Intestate Succession

TRUE/FALSE:

T F 5. All states require that a valid will be signed by the testator.

T F 6. Will Contests are held annual on a state wide and regional basics to see which lawyers write or âdraw upâ the best will.

T F 7. Probate includes the collection of the decedentâs assets and the payment of debts.

T F 8. A legacy bequest in a will is where money from the estate is given to a nonprofit to do charitable work with it.

FIN 3715 Chapter : FIN 3715 Chapter 7 Power Point Spring 2013

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