Which of the following items does the auditor ask the client to send to its legal counsel requesting information about asserted claims?
a. A letter of audit inquiry.
b. A management representation letter.
c. A management letter.
d. A loss reserve confirmation.
a
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______ occurs when people are hired or promoted, or denied hiring or promotion, for reasons not relevant to the job.
A. Affirmative action B. Discrimination C. A hiring quota D. Quid pro quo E. A hostile work environment
Which of the following statements is true of Article 2?
A. Article 2 applies to bonds, information, and other intangibles. B. Article 2 applies to contracts for the sale of real estate or stocks. C. Article 2 does not apply to service contracts. D. Article 2 does not apply to contracts for the sale of goods.
Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit; issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead rate of 150% of direct labor cost. The journal entry to record the application of factory overhead to production is:
A. Debit Work in Process Inventory $225,000; credit Factory Overhead $225,000. B. Debit Work in Process Inventory $165,000; credit Factory Overhead $165,000. C. Debit Work in Process Inventory $165,000; credit Factory Payroll $165,000. D. Debit Factory Overhead $165,000; credit Work in Process Inventory $165,000. E. Debit Factory Payroll $150,000; credit Work in Process Inventory $150,000.
______ describes corporate giving that supports a good environment in which to do business.
A. Philanthropy B. Stewardship C. Enlightened self-interest D. Institutional advancement