Usury involves the charging of interest rates in excess of the rate allowed by law
Indicate whether the statement is true or false
TRUE
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Which of the following is not considered an advantage of using a continuous auditing approach?
A. Transactions can be tested and analyzed closer in time to when they actually occur. B. It can reduce the effort required for routine testing. C. Better compliance with laws and regulations. D. It can be costly and time consuming to set up continuous auditing processes.
Asolo Construction Co carries $10,000,000 comprehensive public liability insurance with a $200,000 deductible clause. A suit for personal injury damages was brought against Asolo in 2014 . Asolo's counsel believes it probable that the insurance company will settle out of court for an estimated amount of $550,000 . At December 31 . 2014, Asolo should report an accrued liability of
a. $550,000. b. $350,000. c. $200,000. d. $0.
Which of the following accurately describes a periodic report?
A. A report that describes the pros and cons of proceeding with a project in addition to givingthe costs and time frame for the project B. A report prepared by a human resource manager, which gives reasons to justifyinvestment in employee training programs C. A report prepared weekly to provide details about the number of product unitsmanufactured D. A report that is prepared by an employee to backup his new idea
A company’s response to a failure of its customer service is __________.
What will be an ideal response?