Under Regulation D, institutions such as banks and insurance companies are considered to be what type of investors?
a. accredited
b. unaccredited
c. restricted
d. unrestricted
a
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Read the information about Cobb Company. What is Cobb's income from operations?
a. $ 1,600 b. $ 2,000 c. $ 2,200 d. $ 2,800
Which of the following procedures would an auditor most likely perform in searching for unrecorded liabilities?
A. Scan the cash disbursements entries recorded just before year-end for indications of unusual transactions. B. Vouch a sample of cash disbursements recorded just after year-end to receiving reports and vendor invoices. C. Compare a sample of purchase orders issued just after year-end with the year-end accounts payable trial balance. D. Trace a sample of accounts payable entries recorded just before year-end to the unmatched receiving report file.
When Clipper Mail Order Co receives telephone and fax orders, the billing department prepares an invoice. The invoice is mailed immediately. A copy of the invoice serves as a shipping notice. The shipping department removes inventory from the warehouse
and prepares the shipment. When the order is complete, the goods are shipped. The clerk checks the customer's credit before recording the sale in the general journal and the account receivable subsidiary ledger. The receptionist opens the mail and lists all payments. The receptionist also handles all customer complaints and prepares sales return forms for defective merchandise. The cashier records all cash receipts in the general journal and makes the appropriate entry in the accounts receivable subsidiary ledger. The cashier prepares the daily bank deposit. Describe at least four internal control weaknesses at Clipper Mail Order Co
Retail tasks can be performed _____
a. by the retailer, manufacturer, wholesaler, specialists, or consumers b. only by the retailer c. by the retailer, manufacturer, or wholesaler d. by the retailer, manufacturer, wholesaler, or specialists