When using the fundamental accounting equation, an accountant must make sure that total assets are always equal to total liabilities minus owner's equity.
Answer the following statement true (T) or false (F)
False
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An advantage of using systems flowcharts to document information about internal control instead of using internal control questionnaires is that systems flowcharts:
A. indicate whether controls are operating effectively. B. reduce the need to observe the entity's employees performing routine tasks. C. identify whether segregation of duties prevent collusion. D. provide a visual depiction of the entity's activities.
Which of the following statements on strategy and tactics is not true?
A. Tactics are short-term, adaptive moves. B. Tactics are designed to enact or pursue broad strategies. C. Strategy is subordinate to tactics. D. Strategy refers to the overall plan to accomplish one's goals.
The corporate officers are responsible for
A) arranging for major bank loans. B) determining corporate policy. C) carrying out corporate policy. D) appointing the board of directors.
The balanced scorecard model differs from project selection models by reviewing projects over a(n) ________ horizon.
Fill in the blank(s) with the appropriate word(s).