An example of an analytical procedure is the comparison of:
A. financial information with similar information regarding the industry in which the entity operates.
B. recorded amounts of major disbursements with appropriate invoices.
C. EDP generated data with similar data generated by a manual accounting system.
D. results of a statistical sample with the expected characteristics of the actual population.
Answer: A
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a. delivery safety b. order delivery completeness c. order cycle time consistency d. stock out
Valdez Co. sold land that had cost $48,000 for $60,000 cash. Which of the following statements is true about this transaction?
A. The $12,000 gain would be subtracted from net income in the operating activities section prepared using the indirect method and $60,000 would be reported as a cash inflow from investing activities. B. $48,000 would appear as a cash inflow from investing activities and $12,000 would be added in the operating activities section using the indirect method. C. $60,000 would appear as a cash inflow from investing activities. D. The $12,000 gain would be subtracted from net income in the operating activities section using the direct method.
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