What is the name of the concept that expanded the role of business in protecting and enhancing the general welfare of society?
A) Ethics
B) Morals
C) Social responsibility
D) Accountability
E) Restraint
Answer: D
Explanation: D) Out of the economic turmoil of the Great Depression emerged new laws that dictated an expanded role for business in protecting and enhancing the general welfare of society. Hence, the concept of accountability was formalized.
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Final Analytical Procedures and Disclosures When auditing Global Alliance Industries, Inc, the auditor performed extensive analytical procedures and found the following: (a) The commission expenses as a percentage of sales has stayed constant for
several years, but has increased significantly in the current year. However, commission rates have not changed. (b) The rate of inventory turnover has steadily decreased for the past four years. (c) The inventory as a percentage of current assets has steadily increased for the past four years. (d) The number of days' sales in accounts receivable has steadily increased for three years. (e) The allowance for uncollectible accounts as a percentage of accounts receivable has steadily decreased for three years. (f) The absolute amounts of depreciation expense and depreciation expense as a percentage of gross fixed assets are significantly smaller than in the preceding year. REQUIRED: (1) Evaluate the significance of not disclosing or adjusting these items, if material, in the fair presentation of financial statements. (2) When assessing disclosures, what criteria do auditors use?
______ speechmaking requires responsible handling and presentation of information as well as concern about the possible outcomes or consequences (positive or negative) of the speech.
Fill in the blank(s) with the appropriate word(s).
After all closing entries have been posted, which of the following accounts is most likely to have a nonzero balance?
A) Interest Expense B) Unearned Revenue C) Service Revenue D) Income Summary
__________________ are ways to time the collection and payment of funds.
Fill in the blank(s) with the appropriate word(s).