Which of the following should NOT be in the executive summary?
A) a summary of quarterly revenue
B) tour business strategy for success
C) an estimate of how much money you will need
D) a brief description of the product or service
A
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Which of the following statements concerning contingencies is true?
A) Contingent liabilities are always recorded in the body of the financial statements. B) Contingent liabilities are always disclosed in the footnotes to the financial statements. C) Contingent gains are sometimes recorded in the body of the financial statements. D) Contingent gains are sometimes disclosed in the footnotes to the financial statements.
As a result of tests of controls, an auditor over relied on internal control and decreased substantive testing. This overreliance occurred because the true deviation rate in the population was:
A. less than the deviation rate in the auditor's sample. B. more than the deviation rate in the auditor's sample. C. less than the risk of assessing control risk too low on the auditor's sample. D. more than the risk of assessing control risk too low on the auditor's sample.
On December 31, Jacoby Company received a $385 bill for the purchase of supplies in December that it will not pay for until January 15. Jacoby follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry needed on December 31 to accrue this cost is:
A. Debit Accounts Payable $385; credit Cash $385. B. Debit Supplies Expense $385; credit Supplies $385. C. Debit Supplies $385; credit Accounts Payable $385. D. Debit Accounts Payable $385; credit Supplies $385. E. Debit Supplies Expense $385; credit Cash $385.
Which of the following is true of effective delegation?
A. Delegation of work is possible only in the production line approach. B. Effective delegation begins with an authoritative and autocratic environment. C. One-way communication is essential for effective delegation. D. Communication and delegation go hand in hand.