A CPA reviews a client's payroll procedures. The CPA would consider internal control to be less than effective if a payroll department supervisor was assigned the responsibility for:
A. Hiring subordinate employees.
B. Distributing payroll checks to employees.
C. Initiating requests for salary adjustments for subordinate employees.
D. Reviewing and approving time reports for subordinate employees.
Answer: B
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Using a periodic inventory system, Bertram Company records inventory at lower of cost or market using the allowance method. The end-of-the-year journal entries to adjust inventories would include ?
A) ?a debit to Inventory to close beginning inventory at cost value. B) ?a debit to Inventory to close ending inventory at market value. C) ?a debit to Loss Due to Market Valuation for the excess of cost over market value. D) ?a credit to Allowance to Reduce Inventory for the excess of market over cost value.
Publicly held firms that apply U.S. GAAP or IFRS must show earnings per common share data in the
a. body of the income statement. b. footnotes to the financial statements. c. management discussion and analysis. d. body of the balance sheet. e. body of the statement of cash flows.
A defendant who has not been negligent but who is made to pay a strict liability judgment can bring a separate action against the negligent party in the chain of distribution to recover its losses.
Answer the following statement true (T) or false (F)
The use of various relaxation or arousal management procedures to reduce anxiety is commonly referred to as
A) Attentional control. B) Stress control. C) Stress management. D) Anxiety reduction.