Which of the following is not a limitation of the internal control system?
a. errors are made due to employee fatigue
b. fraud occurs because of collusion between two employees
c. the industry is inherently risky
d. management instructs the bookkeeper to make fraudulent journal entries
C
You might also like to view...
Current information for the Healey Company follows: Beginning raw materials inventory$16,300? Raw material purchases 61,100? Ending raw materials inventory 17,700? Beginning work in process inventory 23,500? Ending work in process inventory 29,100? Direct labor 43,900? Total factory overhead 31,100? All raw materials used were traceable to specific units of product. Healey Company's direct materials used for the year is:
A. $78,800. B. $77,400. C. $61,100. D. $59,700. E. $62,500.
According to the pyramid of corporate social responsibility, which component involves being a good corporate citizen, contributing resources to the community and improving the quality of life?
A. Philanthropic responsibilities B. Ethical responsibilities C. Legal responsibilities D. Economic responsibilities
Which of the following is true of an accord?
A) The accord terminates the original contract. B) The nonbreaching party cannot enforce the original contract if the accord is not satisfied. C) It is enforceable even though no new consideration is given. D) An accord is only reached when both parties of the contract fail to meet their contractual obligations.
___________ is a study of the underlying beliefs, assumptions, principles, and values that support a moral way of life.
a. Core value b. Clarifying statement c. Shared value d. ethics