The reporting requirements for fraud are detailed in Section 10A of the Securities Exchange Act of 1934. Which of the following steps are NOT part of a prescribed process that should be followed in deciding whether to report fraud?
A. Determine who is responsible for the fraud.
B. Determine whether reporting to the SEC is necessary.
C. Determine whether appropriate remedial action has been taken.
D. Determine whether the violations have a material effect, quantitatively or qualitatively, on the financial statements.
Answer: A
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A resolution by the board of directors to set aside a part of the credit balance of the retained earnings account for a specific use is called
a. earnings retained in the business. b. an appropriation. c. a recapitalization. d. a deficit.
Which of the following is not true about an imposed budget?
a. It reduces the budgeting process time frame. b. It uses the knowledge of top management as it relates to resource availability. c. It enhances coordination. d. It increases the feeling of teamwork.
Flanders Bar and Grill orders cleaning supply kits using the EOQ model. The restaurant estimates that it uses 525 kits per year. The purchase price per kit is $12 with an estimated carrying cost rate of 15%. The cost to place an order from the kit supplier is $10. What is the optimal EOQ order quantity?
a. 212.5 b. 76.4 c. 525 d. 38.2
What is the latest that activity D can start if A lasts 5 days, B lasts 7 days, C lasts 4 days, D lasts 5 days, E lasts 7 days, and F is 6 days long?
A) 14 B) 15 C) 16 D) 17