From the four selections below, identify which are necessary to develop the value chain of a product or service. 1. Processes 3. Nonvalue-adding activities 2. Departments 4. Value-adding activities
A) 1 and 3
B) 2 and 4
C) 1 and 4
D) 1 and 2
C
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Contingent liabilities The auditor will discuss contingencies with the appropriate executives and management of the company. Identify at least five sources of evidence to corroborate management's representations regarding contingencies
How should an efficiency variance that is material in amount be treated at the end of an accounting period?
a. Reported as a deferred charge or credit b. Allocated among work in process inventory, finished goods inventory, and cost of goods sold c. Charged or credited to cost of goods manufactured d. Allocated among cost of goods manufactured, finished goods inventory, and cost of goods sold
Which of the following is a characteristic of the non-Western approach to problem-solving and decision-making?
a. acceptance of problematic situations the way they are b. linear or sequential thinking c. quick, bold decision-making d. frequent delegation of decision-making
What is the primary disadvantage of both a sole proprietorship and a partnership that a corporation overcomes?
A. No access to capital B. Taxing complications C. Unlimited liability D. Ease of start-up E. Lack of secrecy