Preparing a bank reconciliation on a monthly basis is an example of:
A. Establishing responsibility.
B. A technological control.
C. Separation of duties.
D. Poor internal control.
E. Protecting assets by proving the accuracy of cash records.
Answer: E
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Dottie manages the drycleaners. There has been a change in the drycleaners chain of command and Dottie is looking forward to meeting her new boss, Alex. She now feels that Alex needs to be replaced. She explained that at first Alex was a good fit, but it didn’t take long for his true colors to come out. He was not honest, and he threw one of her coworkers under the bus, so to speak. Dottie’s trust is
a. Disposition-based b. Perception-based c. Cognition-based d. Affect-based
A listing agreement is a contract between the seller and the real estate agent
Indicate whether the statement is true or false
Michelman Corporation manufactures and sells one product. The following information pertains to the company's first year of operations: Variable costs per unit: Direct materials$89Fixed costs per year: Direct labor$952,000Fixed manufacturing overhead$2,550,000Fixed selling and administrative expenses$992,000 The company does not have any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of operations, the company produced 34,000 units and sold 31,000 units. The company's only product is sold for $254 per unit.The company is considering using either super-variable costing or an absorption costing system that assigns $28 of direct labor cost and $75 of fixed manufacturing overhead to each unit that is produced. Which
of the following statements is true regarding the net operating income in the first year? A. Absorption costing net operating income exceeds super-variable costing net operating income by $225,000. B. Absorption costing net operating income exceeds super-variable costing net operating income by $309,000. C. Super-variable costing net operating income exceeds absorption costing net operating income by $309,000. D. Super-variable costing net operating income exceeds absorption costing net operating income by $225,000.
The effectiveness of an industry code of ethics is partly determined by the commitment of the industry or company leadership to enforce it.
Answer the following statement true (T) or false (F)