Which of the following is not an internal control activity for cash?
a. Surprise audits of cash on hand should be made occasionally.
b. All cash receipts should be recorded promptly.
c. The number of persons who have access to cash should be limited.
d. Most transactions should be in cash to reduce recordkeeping.
D
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Which of the following would appear on a multiple-step income statement but not on a single-step income statement?
a. Net income b. Total expenses c. Total revenues d. Income before income taxes
Which of the following items on the income statement is not disclosed net of tax?
a. Unusual or infrequent item disclosed separately b. Discontinued operations c. Extraordinary loss d. Cumulative effect of change in accounting principle e. Unusual or infrequent item disclosed separately and discontinued operations are both not disclosed net of tax
A/An ______ is a neutral third party who attempts to assist parties in a negotiation to find a resolution or come to an agreement using rational arguments and persuasion.
A. mediator B. arbitrator C. intermediary D. conciliator
In a just-in-time environment, more quality control inspectors are needed because of the high speed of production
Indicate whether the statement is true or false