Which of the following indicates a strong internal control environment?
a. the internal audit group reports to the audit committee of the board of directors
b. there is no segregation of duties between organization functions
c. there are questions about the integrity of management
d. adverse business conditions exist in the industry
A
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Irving Kaufman, the manager for the Barons singing group, was fired when he demanded more money. By what method was his employment terminated?
a) fulfillment of purpose b) unfulfilment of purpose c) mutual agreement d) revocation of authority e) none of the above
A(n) ________ shows the proportion of employees in different job categories at different times.
A. transitional matrix B. orthogonal matrix C. task role matrix D. definite matrix E. invertible matrix
Ad valorem tax, sometimes called ____________________, is a tax based upon the assessed value of property
Fill in the blank(s) with correct word
A company wants to decrease its $200.00 petty cash fund to $75.00. The entry to reduce the fund is:
A. Debit Miscellaneous Expenses $25.00; credit Cash $25.00. B. Debit Cash Over and Short for $12.50; credit Petty Cash $12.50. C. Debit Petty Cash for $75.00; debit Cash Over and Short $175.00; credit Cash $200.00. D. Debit Petty Cash $100.00; credit Cash $100.00. E. Debit to Cash $125.00; credit Petty Cash $125.00.