Completeness of revenues may be tested by the auditor through the selection of a sample of which of the following?
a. Shipping documents and tracing them to the sales journal.
b. Accounts receivable and tracing them to cash receipts.
c. Recorded sales transactions and tracing them to the general ledger.
d. Inventory records and tracing them to the shipping documents.
a
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McGraw Inc manufactures 12,000 units of a part used in its production to manufacture guitars. The annual production activities related to this part are as follows: Direct materials $24,000 Direct labor 60,000 Variable overhead 54,000 Fixed overhead 84,000 Hill Inc has offered to sell 12,000 units of the same part to McGraw for $22 per unit. If McGraw were to accept the offer, some of the
facilities presently used to manufacture the part could be rented to a third party at an annual rental of $18,000. Moreover, $4 per unit of the fixed overhead applied to the part would be totally eliminated. What should McGraw's decision be, and what is the total cost savings that would result? A) Make, $60,000 B) Buy, $60,000 C) Make, $78,000 D) Buy, $78,000
The channel organization that provides the link between the producer and the consumer is called a _________________________.
Fill in the blank(s) with the appropriate word(s).
The principle of ________ strongly suggests that programs should execute with the least amount of privileges needed to complete their function
What will be an ideal response?
Under the Sarbanes-Oxley Act of 2002, the section on Enhanced Financial Disclosures requires each annual report filed with the SEC to include an internal control report.
Answer the following statement true (T) or false (F)