Which of the following attributes of internal control would be violated if the accounting clerk wrote checks to pay accounts payable?
a. Adequate design of documents
b. Sound personnel procedures
c. Periodic independent verification
d. Separation of duties
D
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Businesses that handle business transactions and store large amounts of data in a central computer often use mainframes, which some IT professionals fondly call "big iron."
Answer the following statement true (T) or false (F)
Assume that Sherrie's Cherries contracts with Dessert World to sell and ship 600 pounds of cherries in three equal installments of 200 pounds each. If the first installment arrives with 5 pounds of spoilage, then Dessert World may
a. reject the installment shipment because of the perfect tender rule. b. not reject the installment if those in the food industry expect a small percentage of spoilage with fresh fruits or vegetables. c. reject the entire contract. d. declare a breach and "cover."
When customers have their groceries scanned at the supermarket checkout counter, the data are collected and processed by tracking services such as IRI's InfoScan. Consumer product firms like Procter and Gamble use data collected by IRI to allocate scarce marketing resources. Which of the following data are NOT collected at retail checkout counters?
A. product bar codes B. product sales C. household demographics D. free sample redemptions E. coupon redemptions
As the sample size becomes larger, the sampling distribution of the sample mean approaches a
a. binomial distribution b. Poisson distribution c. normal distribution d. chi-square distribution