The fundamental difference between internal and external auditing is that
a. internal auditors represent the interests of the organization and external auditors represent outsiders
b. internal auditors perform IT audits and external auditors perform financial statement audits
c. internal auditors focus on financial statement audits and external auditors focus on operational audits and financial statement audits
d. external auditors assist internal auditors but internal auditors cannot assist external auditors
A
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Retailers often find the 80-20 principle evident within the ABC analysis. What does the 80-20 principle imply?
A. Approximately 80 percent of a retailer's inventory was sold, and 20 percent was wasted. B. 80 percent of the retailer's customers are repeat customers and only 20 percent are new. C. Approximately 20 percent of a retailer's sales come from 80 percent of its products. D. Approximately 80 percent of a retailer's sales come from 20 percent of its products. E. About 20 percent of a retailer's sales promotion sells 80 percent of its inventory.
How does privacy relate to output control?
An obligation that is contingent on the occurrence of a future event should be reported in the balance sheet as a liability if the
a. future event is likely to occur. b. amount of the obligation can be reasonably estimated. c. occurrence of the future event is at least reasonably possible and the amount is known. d. occurrence of the future event is probable and the amount can be reasonably estimated.
Which system of job evaluation is being used when jobs are grouped according to a series of predetermined wage grades?
A. Hay profile method B. Job ranking system C. Factor comparison method D. Job classification system