Audits of state and local governments may be performed by all of the following except:
A. Independent CPAs.
B. Federal grantor agencies.
C. State audit agencies.
D. The Office of Management and Budget (OMB).
Answer: D
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Fireside, Inc. uses accrual basis accounting. Its balance sheets reported Accounts Receivable of $12,000 at the end of its first year and $18,000 at the end of its second year. Its income statement reported Sales Revenue of $120,000 in its second year. What would Fireside's revenues have been if it had used cash basis accounting?
A. $120,000 B. $12,000 C. $114,000 D. $126,000
The labor relations system in Great Britain is known as _______________________________ because it requires the mutual agreement of management and labor to negotiate, rather than legal requirement to bargaining.
Fill in the blank(s) with the appropriate word(s).
Spa Selectiva Company makes and sells beauty salon supplies. By selling its product at prices substantially below the normal cost of production, Spa Selectiva hopes to drive its competitors from the market. This is
a. market power. b. predatory pricing. c. price discrimination. d. price-fixing.
A portfolio consisting of four stocks is expected to produce returns of -9%, 11%, 13% and 17%, respectively, over the next four years. What is the standard deviation of these expected returns?
A) 10.05% B) 11.60% C) 8.00% D) 33.42%