Which of the following is not one of the policies and procedures that make up an internal control system?
A. Urge adherence to company policies.
B. Promote efficient operations.
C. Ensure reliable accounting.
D. Guarantee a return to investors.
E. Protect assets.
Answer: D
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Determining net cash flows from operating activities using the indirect method reveals cash collected from customers
Indicate whether the statement is true or false
U.S. GAAP requires firms holding debt and equity securities, as well as derivatives, as trading securities to value the securities on the balance sheet after acquisition at
a. an amount based on acquisition cost. b. market value, with changes in market value of securities held at the end of the accounting period reported each period in income. c. market value, with changes in market value of securities held at the end of the accounting period not affecting reported income until the firm sells, or otherwise disposes of, the securities. d. present value of future cash flows, with changes in present value of future cash flows of securities held at the end of the accounting period reported each period in income. e. present value of future cash flows, with changes in present value of future cash flows of securities held at the end of the accounting period not affecting reported income until the firm sells, or otherwise disposes of, the securities.
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Indicate whether the statement is true or false
On March 26, 2008, William and his friends Jill and Richard went to Sun High Ski
Resort in Calgary for a day of snowboarding. Only Jill and Richard had any previous experience with snowboarding. The three friends rented snowboards and helmets. They were given a standard form document to sign which stated in very tiny print that the ski resort was not responsible for any personal injuries suffered by them howsoever caused. The three friends signed the document without reading it and no one at the ski resort brought the term to their attention. On his first run down the hill, William collided with an employee of the ski resort who was standing directly in his path. He fell heavily and suffered severe personal injuries. William has brought an action against the ski resort for damages. Which of the following statements is TRUE? A) there is an exclusion clause in the document B) William may recover damages for his injuries C) the court may find that the exclusion clause does not apply D) all of the above E) William cannot get money from the resort because he signed the document