An advantage of using systems flowcharts to document information about internal control instead of using internal control questionnaires is that systems flowcharts:
A. indicate whether controls are operating effectively.
B. reduce the need to observe the entity's employees performing routine tasks.
C. identify whether segregation of duties prevent collusion.
D. provide a visual depiction of the entity's activities.
Answer: D
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A $50,000 bond issue with a carrying value of $47,000 is called at 102 and retired. The entry to record the retirement of bonds is:
A) Bonds Payable 50,000 Loss on Retirementof Bonds 4,000Unamortized BondDiscount 3,000Cash 51,000 B) Bonds Payable 47,000 Cash 51,000 C) Bonds Payable 50,000 Gain on Retirementof Bonds 3,000Cash 47,000 D) Bonds Payable 50,000 Loss on Retirementof Bonds 1,000Cash 51,000
According to the text, current marketing practice is mainly ________
A) technological B) partnership-based C) transactional D) relational E) logistical
Steven, Inc. uses the perpetual inventory system. The company's management, under pressure to report favorable results to shareholders, included $15,000 of inventory that had already been sold in its ending inventory. Indicate whether this misstatement would overstate (O), understate (U), or not affect (NA) each of the elements of the financial statements. You do not need to enter amounts. AssetsLiabilitiesStk. EquityRevenuesExpensesNet IncomeStmt of Cash Flows???????
What will be an ideal response?
The academic planner of a university thinks that at least 35% of the entire student body attends summer school. The correct set of hypotheses to test his belief is _____
a. H0: p > .35 Ha: p ? .35 b. H0: p ? .35 Ha: p > .35 c. H0: p ? .35 Ha: p < .35 d. H0: p > .35 Ha: p ? .35