What is the primary role of the court system for the auditing profession?
a. To act as a quality-control mechanism.
b. To provide guidance on unclear legislation.
c. To punish audit firms that issue the wrong audit report.
d. To express opinions on the fairness of accounting principles.
a
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Athena Company provides employee health insurance that costs $5,000 per month. In addition, the company contributes an amount equal to 5% of the employees' $120,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
A. Credit to Employee Benefits Expense $11,000. B. Debit to Employee Benefits Expense $11,000. C. Debit to Medical Insurance Payable $5,000. D. Debit to Payroll Taxes Expense $11,000. E. Debit to Employee Retirement Program Payable $6,000.
Describe a test of controls that would provide evidence that only authorized program maintenance is occurring
A company uses formal route designs to:
A. reach small to medium size territories. B. provide greater latitude to salespeople. C. reduce the promotional and distribution costs of new products. D. overcome territory disagreements. E. establish communication between management and the sales force.
How can companies today reap the benefits of an increasingly global marketplace?
a. By employing workers from different nationalities in or outside their native countries b. By tapping into a larger customer base c. By increasing their product line to match local preferences d. By providing economic assistance to developing countries so that they could start producing the company’s products