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Question 1.1.(TCOs B and C) (CPA-02635.B) At December 30, 20X3, Vida Co. had cash of $200,000, a current ratio of 1.5:1 and a quick ratio of .5:1. On December 31, 20X3, all cash was used to reduce accounts payable. How did these cash payments affect the ratios?
Current ratio Quick ratio (Points : 10)
Increased Decreased
Increased No effect
Decreased Increased
Decreased No effect
Question 2.2.(TCOs B and C) (CPA-02310.B) Which of the following circumstances most likely would cause an auditor to suspect that material misstatements exist in a client’s financial statements? (Points : 10)