With regard to the terms quality control and quality assurance, ______.
a. quality control is concerned with the quality of a product or service after it is produced or delivered
b. quality assurance aims to improve a product or service’s quality after it is produced or delivered
c. quality control is concerned with the quality of a product or service before it is produced or delivered
d. quality control is concerned with the application of government regulations governing quality
a. quality control is concerned with the quality of a product or service after it is produced or delivered
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Company leaders that are not satisfied with the ruling of the full Federal Trade Commission (FTC) can appeal to the U.S. Court of Appeals. The danger in appealing to the Court of Appeals is:
A) the company does not have the opportunity to present oral arguments B) the cease and desist orders are normally upheld C) a company may be ordered to pay civil penalties D) the decision is not binding
The results of a generalized audit software simulation of the aging of accounts receivable revealed substantial differences in the aging contribution, even though grand totals reconciled. Which of the following should the IS auditor do first to resolve the discrepancy?
A. Ignore the discrepancy because the grand totals reconcile and instruct the controller to correct the program. B. List a sample of actual data to verify the accuracy of the test program. C. Recreate the test, using different software. D. Create test transactions and run test data on both the production and simulation program.
Tanning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $300,000 and credit sales are $1,000,000. An aging of accounts receivable shows that 5% will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?
A) Bad Debts Expense 13,000Allowance for Doubtful Accounts 13,000 B) Bad Debts Expense 15,000Allowance for Doubtful Accounts 15,000 C) Bad Debts Expense 13,000Accounts Receivable 13,000 D) Bad Debts Expense 15,000Accounts Receivable 15,000
Setting standard costs is a function of the company's production department and does not require input from other departments
Indicate whether the statement is true or false