Separation of duties in an organization should be required to reduce the likelihood of theft.
Answer the following statement true (T) or false (F)
True
Separation of duties helps to prevent theft by having the work of one employee serve as a check of the work of others.
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Most audit firms use a schedule to accumulate the known and projected misstatements and the carryover effects of prior-year uncorrected misstatements. Which of the following statements regarding this process is false?
a. Adjustments made to correct the financial statements are referred to as booked. b. Possible adjustments to the financial statements that are left uncorrected are referred to as waived. c. Tax effects are not shown on schedules of correcting errors. d. The nature of the misstatement, as well as the quantitative amount, is considered in the judgment of materiality.
If a minor entered into a contract, and then ratified the contract after reaching the age of majority, which of the following is he or she exempt from?
A) duty of restoration B) duty of restitution C) necessaries of life D) infancy doctrine
What were the insights drawn from Andy Van de Ven and his colleague’s (1999) Minnesota Innovation Research Program?
a. Innovation is not a stage by stage, linear, clear cut process of trial and error occurring in a stable environment b. Management and innovation is an oxymoron c. Innovation happens in spite of management, not because of management d. All of the above
Which type of cover letter-solicited or unsolicited-is more challenging to write? Why?