For the following situation, state whether it represents a strength or weakness in internal control and give the reason for your answer. The movie theater has the following policy. Tickets are sold by the cashier. The ticket stubs are collected by the ticket taker. The ticket stubs are stored in a locked box, and the accounting personnel match the number of ticket stubs to the number of tickets sold.
What will be an ideal response?
Strength The operations are kept separate from the accounting functions. The number of ticket stubs should match the number of tickets sold.
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______ control is an approach to organizational control that is characterized by informal and organic structural arrangements.
A. Relational B. Functional C. Decentralized D. Bureaucratic E. Market
Which of the following actions would result in the elimination of uncontrollable returns of products in the short run?
A) improved handling B) better packaging C) improved transportation D) proper storage E) cannot be eliminated
As high-tech products mature, the marketing strategies employed are very different from those for other products in the mature or decline stage of the life cycle
Indicate whether the statement is true or false
The unit of measure concept:
A) is only used in the financial statements of manufacturing companies. B) is not important when applying the cost concept. C) requires that different units be used for assets and liabilities. D) requires that economic data be reported in yen in Japan or dollars in the U.S.