AUDITING+ASSURANCE 12MONTH ACCESS CARD
AUDITING+ASSURANCE 12MONTH ACCESS CARD
17th Edition
ISBN: 9780135635131
Author: ARENS
Publisher: WILEY
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Chapter 8, Problem 15RQ
To determine

Explain the meaning of materiality used in accounting and auditing. Explain the relationship between materiality and the phrase to obtain reasonable assurance in the auditor’s report.

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Net income is $145,000, accounts payable increased by $8,000, inventory decreased by $7,500, and accounts receivable increased by $10,000 during the year. Using the indirect method, what is the net cash provided by operations? (a) $150,500 (b) $138,000 (c) $140,500 (d) $134,000
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