Which of the following most likely would be the result of ineffective internal control policies and procedures in the revenue process?
A. Final authorization of credit memos by personnel in the Sales Department could permit an employee defalcation scheme.
B. Fictitious transactions could be recorded, causing an understatement of revenues and an overstatement of receivables.
C. Irregularities in recording transactions in the subsidiary accounts could result in a delay in goods shipped.
D. Omission of shipping documents could go undetected, causing an understatement of inventory.
A. Final authorization of credit memos by personnel in the Sales Department could permit an employee defalcation scheme.
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Contract law generally places more importance on the intent of the parties to form a contract than on the inclusion of certain terms in the contract
a. True b. False Indicate whether the statement is true or false
Which of the following charter elements should inspire team members to develop a passion for the project and to work hard on it?
a. the project vision statement b. the business case c. the project motto d. the team operating principles
Which of the following is defined as a planned, systematic process of change that uses behavioral science knowledge and techniques to improve an organization's health and effectiveness through its ability to adapt to the environment, improve internal relationships, and increase learning and problem-solving capabilities?
A. Conflict management B. Organizational revitalization C. Organization development D. Organizational change E. Horizontal linkage
Which of the following statements is true regarding capitalization of interest?
a. Interest cost capitalized in connection with the purchase of land to be used as a building site should be debited to the land account and not to the building account. b. The amount of interest cost capitalized during the period should not exceed the actual interest cost incurred. c. When excess borrowed funds not immediately needed for construction are temporarily invested, any interest earned should be offset against interest cost incurred when determining the amount of interest cost to be capitalized. d. The minimum amount of interest to be capitalized is determined by multiplying a weighted average interest rate by the amount of average accumulated expenditures on qualifying assets during the period.