Which of the following statements regarding external auditors is true?
a. they are employees of the IRS who evaluate the internal controls of companies filing tax returns
b. they are hired by a company to evaluate the effectiveness of internal controls
c. they cannot evaluate the system of internal controls of the company that employs them because they are not independent
d. they preform internal controls for the companies that employs them
Answer: b. they are hired by a company to evaluate the effectiveness of internal controls
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______ is the ability to find many possible solutions to a particular problem, including unique, untested solutions.
A. Innovation B. Diversity C. Creativity D. Divergent thinking
Which of the following is LEAST likely to happen at a full-service retailer?
A) Customers have access to alteration services. B) Gift wrapping services are offered. C) Customers seek and receive helpful guidance from trained sales associates. D) Customers handle their own checkout process. E) Product consultants are available to answer specialized questions.
Which of the following financial statements is included in the annual reports of a company?
A. Statement of changes in long-term financing B. Fund flow statement C. Statement of principles D. Proxy statement E. Statement of cash flows
Explain the importance of a bottleneck operation in a production sequence
What will be an ideal response?