Which of the following accounts probably would be listed before the others in a chart of accounts?
a. Insurance Expense
b. Dividends
c. Notes Payable
d. Accumulated Depreciation, Buildings
D
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An "integrated audit" as stated in Section 404 of the Sarbanes-Oxley Act means:
A. the auditor must integrate the same objectives whether auditing internal control or auditing the financial statements. B. the auditor must consider the integrated thoughts and ideas of everyone on the audit staff. C. the auditor must conduct two audits, one on the effectiveness of internal control and one on the financial statements, in an integrated way. D. two independent CPA firms must work together on the audit.
How are assets which are expected to be realized in cash, sold, or consumed within the normal operating cycle of a business or within one year (if the operating cycle is shorter than one year) reported on a classified balance sheet?
a. Property, plant, and equipment b. Current assets c. Intangible assets d. Current liabilities
Analysts look for red flags in financial statements that may signal financial trouble. Which of the following is a red flag that suggests that a company may be in trouble?
A) a significant decrease in net income for several years in a row B) a consistent movement in sales, merchandise inventory, and accounts receivable C) a reduction in the debt ratio D) operating activities are a major source of cash flows
The United Nations is
A. a formal institution with strict regulations. B. an organization established to ensure dominance of the superpowers. C. a forum for the promotion of peace and global stability. D. a critical member of the WTO.