The following set of items describes activities completed by a company in purchasing and paying for merchandise. For each activity, identify whether or not the activity adheres to or violates sound internal control procedures. The clerk in the accounting department records both purchases and payments of invoices
a. Adheres to sound internal control procedures
b. Violates sound internal control procedures
c. Neither strengthens nor violates internal control
b
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Which of the Fiduciary Funds listed below is used to account for the assets held by a government acting as an agent for one or more other governmental units?
A. Private-purpose Trust Fund. B. Agency Fund. C. Pension Fund. D. Permanent Fund.
The term "S Corporation" comes from
a. the Internal Revenue Code. b. the FTC rules. c. the Securities and Exchange Commission. d. state corporation law.
If a bond is callable and if interest rates in the economy decline, then the company can sell a new issue of low-interest-rate bonds and use the proceeds to "call" the old bonds in and effectively refinance its debt at a lower rate.
Answer the following statement true (T) or false (F)
The expected rate of return implied by a given market price equals the required rate of return for
investors at the margin. Indicate whether the statement is true or false