ACL stands for:
a. Account Coverage Level.
b. Audit Command Language.
c. Actuarial Confidence Level.
d. Auditors' Common Language.
b
FEEDBACK: a. Incorrect.
b. Correct. ACL is data-mining software that is often used by auditors to audit and detect fraud.
c. Incorrect.
d. Incorrect.
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The process of transferring the debit and credit information from the journal to individual accounts in the general ledger is called journalizing.
Answer the following statement true (T) or false (F)
The marketing-mix classifications of the 7 Ps and the 4 Cs both take ________ marketing perspectives
A) technological B) partnership C) transactional D) relational E) traditional
Mungo Pet Supplies makes cat trees for several pet store chains. They order fasteners for the trees from a foreign supplier (lead time is 12 days with a lead time standard deviation of 3 days). Daily demand is estimated to 400 fasteners with a standard deviation of 50 fasteners per day. For a 95% service level, what is the reorder point?
a. 7625 b. 2825 c. 4800 d. Cannot be determined from the information given
Monarch Company uses a weighted-average perpetual inventory system and has the following purchases and sales:January 120 units were purchased at $10 per unit.January 1212 units were sold.January 2018 units were purchased at $11 per unit. What is the value of cost of goods sold?
A. $126. B. $120. C. $272. D. $398. E. $278.