Preventive controls are generally more cost-efficient than detective controls
a. True
b. False
Indicate whether the statement is true or false
False
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The balance of the income summary account of a corporation is transferred to which of the following accounts?
a. Capital Stock b. Cash c. Premium on Sale of Capital Stock d. Retained Earnings
The auditor multiplies the quantity of inventory on the inventory ledger by the cost of the inventory to arrive at total inventory balance per product number. This is an example of recalculation by footing
a. True b. False Indicate whether the statement is true or false
Asset turnover equals
a. net sales divided by average total assets. b. average total assets divided by net income. c. average total assets divided by total liabilities. d. net income divided by average total assets.
The ________ Act seeks to make creditors disclose all terms of a credit arrangement before they enter into an agreement with a consumer-debtor
A) Dodd-Frank B) Sherman C) Truth-in-Lending D) Securities Exchange