Which of the following is not a precipitating event that Zahra identifies as motivating the decision to act entrepreneurially?
a. market instability
b. competitive threat from rivals
c. new demand for a firm's products
d. a big increase in earnings
ANSWER: d
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All of the following words describe benchmarking except:
A. one-time event. B. ongoing. C. continuous. D. measuring process.
When auditing debt obligations, which of the following is the primary substantive analytical procedure?
a. Reading loan agreements. b. Developing an independent expectation of interest expense. c. Tracing bond proceeds to cash receipts. d. Confirming transactions with outside parties.
Overstating ending inventory has the following effect on cost of goods sold and net income respectively
a. COGS - overstated and NI - overstated b. COGS - understated and NI - overstated c. COGS - overstated and NI - understated d. COGS - No effect and NI - understated
What is the advantage of using the imprest basis in accounting for petty cash?
What will be an ideal response?