The International Court of Justice, formed in 1945, is the primary judicial art of the World Trade Organization
Indicate whether the statement is true or false
False
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PCAOB Auditing Standard 5 does not identify which of the following situations as one in which the auditor will modify the audit report on ICFR effectiveness?
a. When there is a restriction on the scope of the engagement. b. When there is other information contained in management's annual report on ICFR. c. When elements of management's annual report on internal control are incomplete or improperly presented. d. When the annual report includes a copy of the annual certification pursuant to Section 302 of the Sarbanes-Oxley Act.
Information relating to direct labor for the Newstead Company follow: Actual direct labor hours 5,600 Standard direct labor hours 5,400 Total direct labor per payroll $53,200 Standard labor rate per hour $9.00 The labor rate variance is:
a. $2,800 unfavorable b. $2,700 unfavorable c. $4,600 unfavorable d. $1,800 unfavorable
If the total materials variance (actual cost of materials used compared with the standard cost of the standard amount of materials required) for a given operation is favorable, why must this variance be further evaluated as to price and usage?
a. There is no need to further evaluate the total materials variance if it is favorable. b. Generally accepted accounting principles require that all variances be analyzed in three stages. c. All variances must appear in the annual report to equity owners for proper disclosure. d. It is done so that management can evaluate the efficiency of the purchasing and production functions.
Communication in successful work teams
a. is the same as the process of communication in traditional organizations. b. is affected primarily by trust building and shared leadership. c. places reduced emphasis on listening, problem solving, and conflict resolution. d. replaces vertical information flow with horizontal flow.