Contingency plans focus on issues that:
a. are trivial and happen everyday, like the power going out for 10 minutes.
b. will never happen, hence it is not very important to focus on these issues.
c. are most probable, most potentially harmful, or both.
d. are a concern for your competitors.
c
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To determine whether the system of internal control operated effectively to minimize errors of failure to invoice a shipment, the auditor would select a sample of transactions from the population represented by the:
A. customer order file. B. open invoice file. C. sales invoice file. D. bills of lading file.
At which point is supervision most critical in the cash receipts system?
a. accounts receivable b. general ledger c. mail room d. cash receipts
A company originally issued 14,000 shares of $5 par value common stock at $12 per share. The board of directors declares a 14% stock dividend when the market price of the stock is $25 a share. Which of the following is included in the entry to record the declaration of a stock dividend?
A) Stock Dividends is debited for $24,500. B) Common Stock—$5 Par Value is credited for $47,040. C) Common Stock is credited for $49,000. D) Stock Dividends is debited for $49,000.
Product cost are also called inventoriable cost
Indicate whether the statement is true or false