What are the three rules that ensure that no single employee or department processes a transaction in its entirety?
The three rules that ensure segregation of functions are:
1 . Transaction authorization should be separate from transaction processing
2 . Asset custody should be separate from asset record keeping.
3 . The organization structure should be such that the perpetration of a fraud requires collusion between 2 or more individuals.
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Organized competitive intelligence should replace the informal activities or information gathering by employees
Indicate whether the statement is true or false
The origin characteristic means that a scale has an arbitrary zero point
Indicate whether the statement is true or false
Lopez Company uses the FIFO process costing method to determine the product unit cost. The company began the period with 1,800 units in beginning inventory. During the period, 32,000 units were started and completed. There were 4,000 units in ending inventory at the end of the period. If all direct materials are added at the beginning of the process, the number of equivalent units for direct
materials for the period is A) 29,800. B) 28,000. C) 32,000. D) 36,000.
Federal laws often provide more sweeping and significant protections for the consumer than state laws.
Answer the following statement true (T) or false (F)