Which of the following is not a risk exposure in a PC accounting system?
a. reliance on paper documentation is increased
b. functions that are segregated in a manual environment may be combined in a microcomputer accounting system
c. backup procedures require human intervention
d. data are easily accessible
A
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For effective internal control over accuracy of transactions, the accounts payable department should compare the information on each vendor's invoice with the:
A. receiving report and the voucher. B. receiving report and the purchase order. C. vendor's packing slip and the purchase order. D. vendor's packing slip and the voucher.
On September 1, 2013, Marker Corporation declared and issued a 20 percent common stock dividend. Prior to this date, Marker had 20,000 shares of $2 par value common stock that were both issued and outstanding. The market value of Marker's stock was $20 per share at the time the dividend was issued. As a result of this stock dividend, Marker's total stockholders' equity
a. decreased by $40,000. b. decreased by $400,000. c. increased by $400,000. d. increased by $40,000. e. did not change.
The labor rate variance is computed by
A) (Actual Rate x Actual Hours) - (Standard Rate x Standard Hours). B) (Standard Rate x Actual Rate) - (Actual Rate x Actual Hours). C) (Actual Rate x Standard Hours) - (Standard Rate x Actual Hours). D) (Actual Rate x Actual Hours) - (Standard Rate x Actual Hours). E) None of these.
The purpose of the Freedom of Information Act (FOIA) is
a. to give the government access to information concerning citizens, businesses, and organizations. b. to limit the amount of information that the government can collect about its citizens, businesses, and organizations. c. to permit warrantless searches and seizures of evidence when necessary to ensure safety. d. to give citizens, businesses, and organizations access to information that federal agencies are using.