Opulent Inc., a furniture design company based in Winona, designs a wide range of office and household furniture. Umber Corp. has recently started offering custom-made furniture in the same city. The managers at Opulent are conducting a research to find out the strengths and weaknesses of Umber. The managers are also trying to figure out the strategies used by Umber. Which of the following is a component of the specific environment that is illustrated in the scenario?
A. Competitive analysis
B. Deskilling
C. Divesting
D. Proactive monitoring
Ans: A. Competitive analysis
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Audit objectives in the electronic data interchange (EDI) environment include all of the following except
a. all EDI transactions are authorized b. unauthorized trading partners cannot gain access to database records c. a complete audit trail of EDI transactions is maintained d. backup procedures are in place and functioning properly
Working capital equals current assets plus current liabilities
Indicate whether the statement is true or false
Candice owns a mutual fund that reinvests her dividends and capital gains earned during the year. The mutual fund reported to her that her share of earnings was: $500 in dividends, $1,500 in short-term net capital gains, and $1,300 in long-term net capital gains. She reported the items on her tax return and paid the appropriate tax on these earnings. If her basis in the fund was $25,000 at the beginning of the year, what is her basis at the end of the year?
A. $27,000 B. $25,000 C. $28,300 D. $25,500
Actual overhead costs are charged to the Work in Process account as they occur.
Answer the following statement true (T) or false (F)