Which of the following constitutes a white-collar crime?
A. Physically assaulting one's neighbor
B. Falsifying accounts
C. Kidnapping
D. Shoplifting
Answer: B
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Which of the following best describes the term "expenses"?
a. The amount of total profits earned by a business since it began operations. b. The amount of interest or claim that the owners have in the business. c. The future economic resources of a business entity. d. The outflow of assets resulting from the sale of goods and services.
Oreo Company has current assets of $20,000, current liabilities of $8,000, and long-term liabilities of $3,000 . Oreo wants to buy new equipment. How much of its existing cash can Oreo use to acquire equipment without allowing its current ratio to decline below 2.0 to 1?
a. $ 4,000 b. $ 8,000 c. $ 10,000 d. $ 12,000
What is the test data technique?
A. "It uses a set of input data to validate system integrity" and "It requires auditors to prepare both valid and invalid data to examine critical logics and controls of the system" are correct. B. It is an automated technique that enables test data to be continually evaluated during the normal operation of a system. C. It requires auditors to prepare both valid and invalid data to examine critical logics and controls of the system. D. It uses a set of input data to validate system integrity. E. None of the answers is correct.
To successfully employ an ABC system, a company must first identify:
a. Non-volume related activities in the factory that create costs. b. Cost drivers. c. Cost pools. d. Overhead allocation rates.