A refusal to deal
A. is a right to decide with whom to do or not to do business and cannot be legally limited.
B. is a rule of reason violation of the Sherman Act and is illegal if it harms competition.
C. is an agreement in which a buyer refuses to purchase goods from a supplier unless the supplier also purchases items from the buyer.
D. occurs when a manager refuses to recognize that price-fixing is a problem.
Answer: B
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For each of the following specific audit procedures, indicate the type of audit evidence it is gathering: (1) inspection of records or documents, (2) inspection of tangible assets, (3) observation, (4) inquiry, (5) confirmation, (6) recalculation, (7) reperformance, (8) analytical procedures, and (9) scanning. The audit evidences can be used more than once.a. Discussing the recording of sales discounts in the fourth quarter with the accounts receivable manager.b. Examining sales invoices for supporting customer order and shipping documents.c. Reviewing the accounts payable subsidiary ledger for debit balances or interest bearing payables.d. Sending a written request to the entity's bank requesting the cash balances in the entity's accounts and any other liability balances that the entity
owes the bank.e. Comparing the current-year accounts receivable turnover with the accounts receivable turnover for the industry.f. Examining a new piece of equipment to ensure that a major acquisition was received and is operational.g. Watching the entity's accounting personnel while they prelist cash receipts.h. Footing the entity's bank reconciliation and tracing the balance per the books to the general ledger.i. Recomputing sales price and extensions on sales invoices.j. For a sample of sales transactions recorded in the sales journal, tracing the sales invoices back to customer orders and shipping documents. What will be an ideal response?
When managing misperceptions and cognitive biases in negotiation, negotiators may fall into one of several decision traps. One such trap is fooling yourself about feedback. Briefly describe how this occurs.
What will be an ideal response?
Recording an expense to conceal fraud involves making a fictitious journal entry. A faulty journal entry is an example of which fraud symptom?
a. Accounting anomaly b. Internal control weakness c. Unusual behavior d. Analytical anomaly
How can a negotiator reduce the influence of false information in negotiations?
What will be an ideal response?