When a firm uses internal auditors, it is adhering to which one of the following internal control elements?
A) risk assessment
B) monitoring
C) proofs and security measures
D) separating responsibilities for related operations
B
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Interstate Battery's sponsorship of a NASCAR driver and car is an example of a public relations program
Indicate whether the statement is true or false
In the adjustment for merchandise inventory using the periodic inventory system, to eliminate the amount of beginning inventory the accountant would record a
a. debit to Income Summary. b. credit to Income Summary. c. credit to Sales. d. debit to Merchandise Inventory.
Which one of the following groups is considered an internal user of financial statements?
a. A bank reviewing a loan application from a corporation. b. The labor union representing employees of a company that is involved in labor negotiations c. The financial analysts for a brokerage firm who are preparing recommendations for the firm's brokers on companies in a certain industry, d. Factory managers that supervise production line workers.
To use revenue management strategies, a business should have which combination of costs?
A) high variable and high fixed B) low variable and high fixed C) high variable and low fixed D) low variable and low fixed E) either A or B