Assuring that the accounts receivable master data reflects all cash collections recorded in the cash receipts event data addresses the control goal of:
A. ensure input accuracy
B. ensure input completeness
C. ensure update accuracy
D. ensure update completeness
Answer: D
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Applied overhead of a company exceeds actual overhead when the
A) Overhead account has a credit balance. B) journal entry to account for the difference involves a debit to Cost of Goods Sold. C) Overhead account has a debit balance. D) company has overspent in the overhead cost area.
Walter Industries' current ratio is 0.5. Considered alone, which of the following actions would increase the company's current ratio?
A. Borrow using short-term notes payable and use the cash to increase inventories. B. Use cash to reduce accruals. C. Use cash to reduce accounts payable. D. Use cash to reduce short-term notes payable. E. Use cash to reduce long-term bonds outstanding.
If an investor can obtain more of a foreign currency for a dollar in the forward market than in the spot market, then the forward currency is said to be selling at a discount to the spot rate.
Answer the following statement true (T) or false (F)
Which of the following are advantages of owning bonds? I. diversification properties II. higher long-term returns than equity holdings III. current income IV. lower risk than stocks
A) I and II only B) I, III and IV only C) I, II and III only D) I, II, III and IV