AUDITING RMU
AUDITING RMU
11th Edition
ISBN: 9781260934830
Author: MESSIER
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 21, Problem 21.29MCQ
To determine

Concept Introduction:

SOC 3 reports on the same matters as SOC 2 does. SOC 3 has details that are not confidential. SOC 3 is same as SOC 2 has five trust categories:

1. Security

2. Confidentiality

3. Process Integrity

4. Availability

5. Privacy

The thing that differentiates SOC 3 with SOC 2 is that the report of SOC 3 can be published openly on the website of the company.

To choose:The condition under which the online data company would be more likely to opt for SOC 3 report.

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The maturity value of an $35,000 non-interest-bearing, simple discount 4%, 120-day note is:
Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $18,905 at 10% for 4 years. Use ordinary interest as needed. Calculate the simple interest note proceeds.   Calculate the simple discount note proceeds.
What you're solving for    Solving for maturity value, discount period, bank discount, and proceeds of a note.        What's given in the problem    Face value: $55300 Rate of interest: 10% Length of note:   95 days Date of note: August 23rd Date note discounted: September 18th   Bank discount rate:9 percent
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