Purchasing health insurance illustrates the use of which personal risk management technique?
A) avoidance
B) risk transfer
C) risk control
D) risk retention
Answer: B
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Which statement is not true?
a. Auditors must maintain independence. b. IT auditors attest to the integrity of the computer system. c. IT auditing is independent of the general financial audit. d. IT auditing can be performed by both external and internal auditors.
Using Sparky's financial information what is the company's inventory turnover ratio for 2012?
a. 0.69 b. 1.00 c. 3.35 d. 4.03
U.S. GAAP and IFRS require firms to disclose the fair value of long-term notes and bonds in notes to the financial statements. Fair value is
a. the amount the firm would pay to settle the debt on the date of the balance sheet. b. the current market price in the case of items that trade in active markets. c. the present value of the contractual cash flows discounted at a current market interest rate that reflects all the factors that market participants would consider, including the item's credit risk. d. all of the above e. none of the above
Linda, a partner, is involved in the winding-up of the partnership. A lucrative business opportunity for the partnership arises. Linda does not have the right to take on this new business
a. True b. False Indicate whether the statement is true or false