Why is it important to organizationally separate the accounting function from other functions of the organization?
The accounting function provides record-keeping services for all of the operations and day-to-day activities of other departments, which affect the financial position of the organization. Record keeping tasks must be kept separate from any area that has custody over assets. Thus, the accounting function must remain independent so that the protection of the firm's assets is carried out in an environment with minimum possibilities for theft.
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A deficit occurs when a company's
A) ?retained earnings are less than its common stock. B) ?dividends distributed are greater than comprehensive income. C) ?dividends and cumulative losses are greater than cumulative net income. D) ?retained earnings are less than assets minus liabilities.
Identify a true statement about the Occupational Safety and Health Administration (OSHA) established by the U.S. Congress in 1970.
A. The integrative approach allowed OSHA to make trade-offs between health and economics. B. When OSHA was first established, regulations were aimed at achieving the safest feasible standards. C. It takes away the burden of proof of high health standards from industries. D. It holds that health and safety standards are required irrespective of the economic feasibility.
Sally is a freelance editor. She is paid by the page for each page that she edits. Sally is an hourly employee.
Answer the following statement true (T) or false (F)
Which of the following statements is true of how the globalization of companies has affected the global economy?
A. Accelerating productivity growth has allowed companies to become more competitive. B. Open borders have allowed new ideas and technology to flow freely. C. There is a growing fear that globalization only benefits big businesses. D. All of these