________ tend to include people who are the most influential in their communities, have high social status, and are in favorable financial positions?
A) Innovators
B) Early adopters
C) Late majority
D) Laggards
B
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Which of the following procedures most likely would provide an auditor with evidence about whether an entity's internal control is suitably designed to prevent or detect material misstatements?
A. Observing the entity's personnel applying the controls. B. Vouching a sample of transactions directly related to the controls. C. Performing analytical procedures using data aggregated at a high level. D. Scanning the journals produced by the internal control system.
Internal control has become a very important focus for publicly traded and privately-held companies alike. Internal control is intended to accomplish at least three objectives and consists of five components of internal control. List the three objectives and five components of internal control.
What will be an ideal response?
In 2007, Apple Inc. released the iPhone, which was a breakthrough in the cell phone market. Today, competitors such as Samsung, Motorola, and HTC each have smartphones on the market that closely resemble the iPhone in both form and functionality. What form of change did the first iPhone demonstrate?
a. organizational b. incremental c. structural d. discontinuous
Which of the following is not a true statement regarding a sale and leaseback?
a. It occurs when the owner of an asset sells the asset and enters into a lease agreement to lease the asset back. b. The lessor and lessee both use the standard criteria for classifying such a lease as operating or capital. c. The lessor is the original legal owner and the lessee is the new legal owner. d. SFAS No. 13 allows a gain or loss to be immediately recognized in cases where the original owner retains the use of a substantially smaller part of the total asset.