Management's written representations concerning internal control are:
A. normally drafted by management.
B. included in the auditor's final report.
C. signed by the CEO and CFO.
D. addressed to the users of the financial statements.
Answer: C
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Enterprise resource planning systems can also serve as _____ systems.
Fill in the blank(s) with the appropriate word(s).
The inaction mediation strategy has what level of concern for aspirations and what perception of common ground?
What will be an ideal response?
Marco Nelson opened a frame shop and completed these transactions: 1. Marco started the shop by investing $40,000 cash and equipment valued at $18,000 in exchange for common stock. 2. Purchased $70 of office supplies on credit. 3. Paid $1,200 cash for the receptionist's salary. 4. Sold a custom frame service and collected $1,500 cash on the sale. 5. Completed framing services and billed the client $200. What was the balance of the cash account after these transactions were posted?
A. $41,500. B. $38,500. C. $40,300. D. $38,700. E. $300.
The fixed asset turnover ratio
a. measures the relation between sales and the investment in fixed assets such as property, plant, and equipment. b. measures the amount of sales generated from a particular level of investments in fixed assets. c. is calculated by dividing sales by the average fixed assets for the period. d. all of the above. e. none of the above.