Documents and records are an important control activity. Which of the following statements concerning this activity is true?
a. They serve as excellent preventive controls.
b. Adequate accountability can exist even in their absence.
c. The entire accounting system serves as a documentary control.
d. They are poor detective controls.
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct.
d. Incorrect.
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There is often a conflict between the attributes of
a. timeliness and conciseness b. accuracy and timeliness c. relevance and summarization d. completeness and exceptions orientation
Whenever the probability is proportional to the length of the interval in which the random variable can assume a value, the random variable is _____ distributed.
A. uniformly B. normally C. Poisson D. exponentially
Listening commonly consumes more of a business employee's time than reading, writing, and speaking combined
Indicate whether the statement is true or false
Chris receives a printed form in the mail from Wyandott Heating & Air indicating that he has placed a telephone order for a $600 heater. He doesn't recall placing the order. Which of the following is correct?
a. Wyandott can hold Chris to the order. b. Chris can hold Wyandott to the order. c. Neither party is bound, because there is no signed writing. d. Chris is bound if he makes no objection within ten days.