In assessing control risk for purchases, an auditor vouches a sample of entries in the accounts payable trial balance to the supporting documents. Which account assertion would this test of controls most likely support?
A) Completeness.
B) Valuation or allocation.
C) Existence or occurrence.
D) Presentation
C) Existence or occurrence.
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Your bank account pays an 8% nominal rate of interest. The interest is compounded quarterly. Which of the following statements is CORRECT?
A. The periodic rate of interest is 8% and the effective rate of interest is also 8%. B. The periodic rate of interest is 2% and the effective rate of interest is 4%. C. The periodic rate of interest is 8% and the effective rate of interest is greater than 8%. D. The periodic rate of interest is 4% and the effective rate of interest is less than 8%. E. The periodic rate of interest is 2% and the effective rate of interest is greater than 8%.
The leader of a small work group has several employees that are new to the group and a number of employees who have been part of this group for five years or more. The five-year members rarely ask questions and complete their work on a timely basis. The leader checks in on them occasionally to see if there is anything that they need. The new employees are not sure how to complete their work, and they have been asking many questions. This leader has checked in on them occasionally and has assumed that each of their questions have been answered by the more experienced team members. This leadership approach could be described as ______.
a. flexible b. inflexible c. contextual d. specific
At the end of the day, the cash register's record shows $1264, but the count of cash in the cash register is $1252. The correct entry to record the cash sales is
A. Debit Cash $1264; credit Cash Over and Short $1252; credit Sales $12. B. Debit Cash $1252; Credit Sales $1252. C. Debit Cash $1252; debit Cash Over and Short $12; credit Sales $1264. D. Debit Cash $1264; credit Sales $1264. E. Debit Cash Over and Short $12, credit Sales $12.
What kind of sentence contains only one independent clause?
A) Simple sentence B) Compound sentence C) Complex sentence D) Compound-complex sentence