Who reads financial statements? List five internal and external readers of financial statements and provide an example of the type of information that they might be interested in and discuss why
What will be an ideal response?
Internal readers could be the CEO, financial managers, marketing managers, operations manager, and human resource managers. External readers include regulators, stock holders, bond holders, customers, suppliers, and possible employees to name a few.
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Which of the following procedures would normally be performed by the auditor when conducting tests of payroll transactions?
A. Interview employees selected in a statistical sample of payroll transactions. B. Trace a sample of payroll checks to the master employee list. C. Examine signatures on paid salary checks. D. Confirm amounts withheld from employees' salaries with proper governmental authorities.
Retention involves which processes?
a. symbolic coding
b. cognitive organization
c. symbolic rehearsal
d. all of the above
When a board is operating in the fiduciary mode, it is concerned with the ______.
A. implementation of new programs B. stewardship of the organization’s assets C. achievement of the organization’s long-term goals D. evaluating the chief executive officer’s performance
What limits are imposed on administrative agencies by each of the following: (a) the courts; (b) Congress; and (c) the executive branch?