The Acme Global Corporation recently won a bid to provide a large number of widgets for a government contract. To complete the order, the organization will need to order more raw materials. This will require that the organization recognize the influence of _______ in the external environment on the organization.
A. suppliers
B. shareholders
C. technology
D. competition
E. governments
A. suppliers
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The adjusting entry to record an increase in Allowance for Bad Debts involves
a. debiting Allowance for Bad Debts and crediting Bad Debt Expense; b. debiting Accounts Receivable and crediting Bad Debt Expense; c. debiting Bad Debt Expense and crediting Allowance for Bad Debts; d. debiting Allowance for Bad Debts and crediting Accounts Receivable; e. debiting Sales and crediting Cash.
Which of the following items is not included in the engagement letter?
a. The responsibilities of the auditor. b. The responsibilities of management. c. The objective of the financial statements. d. Identification of the applicable financial reporting framework for the preparation of the financial statements.
In which of the following situations would an accountant be subject to criminal liability?
a. Where the accountant negligently performed an audit. b. Where the accountant willfully omitted a material fact on a securities registration statement. c. Where the accountant refused to turn over working papers to a client. d. Where the accountant willfully breached a contract.
Magic Math Corporation makes business accounting software, which is packaged with a shrink-wrap agreement. National Distribution Company distributes the software to retailers, including an Office Stuff store, where Peg buys a package of it. The parties to the shrink-wrap agreement are
A. Magic Math and National Distribution only. B. Magic Math and Peg only. C. Magic Math, National Distribution, Office Stuff, and Peg. D. Office Stuff and Peg only.