1. An exception leading to a qualified opinion would not include: 2. Independent auditors express an opinion on the: 3. The principal concern with accounting for related party transactions is: 4. Rent collected in advance is: 5. When converting an income statement from a cash basis to an accrual basis, cash received for services: 6. Hughes Aircraft sold a four passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a: 7. The adjusting entry required to record accrued expenses includes: 8. Recognizing expected losses immediately, but deferring expected gains, is an example of: 9. An example of fraud would be: 10. Land was acquired in 2006 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value a $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:
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