An internal audit department's independence is compromised when the department reports to:
a. the company controller
b. the audit committee of the board of directors
c. Both a. and b.
d. Neither a. nor b.
A
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Answer the following statements true (T) or false (F)
1. Incremental budgeting allocates increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget request are reviewed. 2. A variable budget can be adjusted over time to accommodate pertinent changes in the environment. 3. A balance sheet summarizes an organization's overall financial worth, or its assets and liabilities, at a specific point in time. 4. An income statement summarizes an organization's financial results over a specified period of time, such as a quarter or a year.
The Retained earnings account has a credit balance of $52,000 before closing entries are made. Total revenues for the period are $70,200, total expenses are $47,300, and dividends are $15,000. What is the correct closing entry for the expense accounts?
A. Credit Expense accounts $47,300; debit Retained earnings $47,300. B. Debit Income Summary $47,300; credit Expense accounts $47,300. C. Debit Income Summary $47,300; credit Retained earnings $47,300. D. Debit Expense accounts $47,300; credit Income Summary $47,300. E. Debit Expense accounts $52,000; credit Retained earnings $52,000.
The general rule is that agency action is ripe for judicial review when the impact of the action is sufficiently direct and immediate as to make review appropriate
a. True b. False Indicate whether the statement is true or false
________ are the people, policies, and organizational structure choices made by a firm
Fill in the blank with the appropriate word.