An auditor would consider internal control over an entity's payroll procedures to be ineffective if the payroll department supervisor is responsible for:
A. updating employee earnings records.
B. having custody over unclaimed paychecks.
C. hiring subordinate payroll department employees.
D. applying pay rates to time tickets.
Answer: B
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Credit terms of n/30 mean that the net amount of the invoice, less any returns or allowances, is due within 30 days of the date of the invoice
a. True b. False Indicate whether the statement is true or false
Exchange rates will affect the price of _____
A) sugar cane grown in the United States. B) coffee grown in Brazil. C) coffee grown in Brazil and imported to the United States. D) wine produced in California and consumed in Florida. E) coffee grown in Brazil and consumed in Brazil.
Raul and Bianca are partners. Raul has a capital balance of $50,000 and Bianca has a capital balance of $37,000. Bianca sells half of her ownership interest to Bill for $20,500. Which of the following is TRUE of the journal entry to record this transaction?
A) Bianca, Capital is credited for $18,500 and Raul, Capital is debited for $18,500. B) Bill, Capital is credited for $20,500 and Raul, Capital is debited for $20,500. C) Bill, Capital is credited for $18,500 and Bianca, Capital is debited for $18,500. D) Bianca, Capital is credited for $20,500 and Raul, Capital is debited for $20,500.
Routine business messages ________
A) require you to persuade your audience B) necessitate thinking about how to prevent your audience from being upset C) can be very lengthy and quite complicated D) are never challenging to write E) require that you be clear, complete, and respectful