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29 views

Dit

Uploaded by

Minie Kim
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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.

Risk assessment procedures include the following, except

a. Analytical procedures.

b. Confirmation of accounts receivable.

c. Observation and inspection.

d. Inquiries of management

26. PSA 315 requires:

a. Obtaining an understanding of the entity and its environment

b. Identifying and assessing the risks of material misstatement

c. Discussion among engagement team members about the risk of material misstatement in

the financial statements.

d. All of the above

The total number of units that MultiFrame needs to produce and sell in order to break even is

A. 150,000 units C. 153,947 units

B. 100,000 units D. 300,000 units Bobadilla

cxi

. During 2006, St. Paul Lab supplied hospitals with a comprehensive diagnostic kit for P120. At a

volume of 80,000 kits, St. Paul had fixed costs of P1,000,000 and operating income before income

taxes of P200,000. Because of an adverse legal decision, St. Paul’s 2007 liability insurance

increased by P1,200,000 over 2006. Assuming the volume and other costs are unchanged, what

should the 2007 price be if St. Paul is to make the same P200,000 operating income before income

taxes?

A. P120 C. P150

B. P135 D. P240

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