Explain management's responsibility as it pertains to internal control of a company


Management is responsible for establishing a satisfactory system of internal controls, which safeguard assets, ensure reliability of accounting records, and see that employees comply with legal requirements. The chief executive officer and check financial officer, along with the auditor, must fully document and certify the company's system of internal controls in the annual report.

Business

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Which of the following costing methods combines the cost of units in beginning inventory with the current period costs to determine the unit production cost?

A) LIFO B) Average cost C) FIFO D) Direct

Business

The FASB requires which of the following to be used in preparation of external financial statements?

a. variable costing b. standard costing c. activity-based costing d. absorption costing

Business

Reward systems for global managers should take into account the idea of equity

Indicate whether the statement is true or false.

Business

The degree of process divergence is what keeps a large batch process from being economically produced using a line process

Indicate whether the statement is true or false

Business