Business promotions are used to generate business leads, stimulate purchases, reward customers, and motivate salespeople
Indicate whether the statement is true or false
TRUE
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Based on a study and evaluation completed at an interim date, the auditor concludes that no significant internal control weaknesses exist. The records and procedures would most likely be tested again at year-end if:
A. the auditor used nonstatistical sampling during interim compliance testing. B. compliance tests were not performed by the internal audit staff during the remaining period. C. inquiries and observations lead the auditor to believe that conditions within the internal control system have changed. D. the internal control system provides a basis for reliance in reducing the extent of substantive procedures.
Which of the following is NOT correct?
a. The after-tax cost of debt for a firm with losses is equal to the interest rate on the debt. b. Firms always pay dividends on their common stock issues because of the ease with which common shareholders can assume control of the firm. c. Flotation costs for preferred stock are higher than for debt. d. Most debt is placed privately and thus there is no flotation cost.
No meeting should be called unless it is important, can't wait, and requires an exchange of ideas
Indicate whether the statement is true or false
Which of the following would be considered a prevention cost of quality?
A) inspecting incoming raw materials B) training workers to perform their jobs C) issuing a recall of defective product before another customer is injured D) performing a 24 hour burn-in on every item produced to make sure it works before it is shipped.