Self-audits generally serve to reduce fines
Indicate whether the statement is true or false
True
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With a limited work force and a desire to maintain strong internal control, which combination of duties performed by a single individual presents the least risk exposure?
a. maintaining the inventory ledger and recording the inventory journal voucher in the general ledger b. recording the inventory journal voucher in the general ledger and maintaining custody of inventory c. maintaining the cash disbursements journal and recording direct labor costs applied to specific jobs d. preparing the accounts payable journal voucher and recording it in the general ledger
Audit procedures should be proportional to which of the following?
a. Size of the client. b. Size of the firm. c. The assessed risks. d. The assessed misstatements.
Under the Federal Trade Commission's Telemarketing Sales Rule, callers must disclose the company's identity, the purpose of the call, the product or service offered, and any requirements for obtaining it
Indicate whether the statement is true or false
Compute the capital gain on the following: Selling price of property $200,000 Original purchase price $420,000 Selling expenses $ 14,000 Depreciation $ 20,000 Improvements $ 26,000