The group within an organization that is responsible for monitoring and evaluating the internal control system is called:
a. the audit committee.
b. the internal audit staff.
c. the board of directors.
d. the accounting staff.
b
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What does a downward-sloping yield curve imply, according to the expectations theory of the term structure of interest rates?
A. Investors expect long-term interest rates to rise in the future. B. Investors expect future short-term interest rates to be lower than the current short-term interest rate. C. Investors expect future short-term interest rates to be the same as the current short-term interest rate. D. Investors expect future short-term interest rates to be higher than the current short-term interest rate.
Joseph, Inc uses the accrual basis of accounting. Joseph's insurance expense account had a $23,000 balance at the end of the year. The prepaid insurance account had a $6,000 balance at the beginning of the year and a $3,000 balance at the end of the year. How much cash was paid for insurance during the year?
A) $4,000 B) $20,000 C) $21,000 D) $29,000
Which of the following is true of the Fair Labor Standards Act?
A. Employers are covered if their annual gross sales exceed $1 million. B. Employers are covered if they are engaged in interstate commerce. C. Employees are not discriminated based on their age. D. Employers are covered if they are involved in hiring and firing decisions.
The following costs were incurred for the ABC Co in January: Total manufacturing costs were:
a. $250,000 b. $270,000 c. $300,000 d. $275,000 e. None of the answers are correct.