Short-term financial plans and long-term financial plans generally cover periods ranging from ________ years and ________ years, respectively.
A) one to two; two to ten
B) five to ten; ten to twenty
C) zero to one; five to ten
D) one to ten; ten to fifteen
A) one to two; two to ten
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To determine whether the system of internal control operated effectively to minimize errors of failure to invoice a shipment, the auditor would select a sample of transactions from the population represented by the:
A. customer order file. B. open invoice file. C. sales invoice file. D. bills of lading file.
Briefly describe the attributes of an ideal budgetary system. What features of budgeting have been identified that encourage positive behavior?
Express authority can be created by:
a. words spoken directly to the agent. b. conduct. c. written words given to one person to give to another person, the agent. d. All the above.
Oil is selling at a spot price of $42.00 per barrel. Oil can be stored at a cost of $0.42 per barrel per month
The opportunity cost of capital is 7.2% per year (or 0.6% per month). What is the gain or loss realized by an oil refinery that floats its exposure and purchases oil on the spot market in 2 months at a price of $43.00 per barrel, instead of hedging with a forward contract? A) $0.35 gain B) $0.35 loss C) $1.00 gain D) $1.00 loss