Totals on the debit and credit sides to determine the balance of an account are known as
a. footings; b. credits; c. debits; d. rulings; e. revenues
A
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If the auditor determines that the client's current ratio is below a particular covenant level, which of the following would the auditor not do?
a. Assess the effects of the violation. b. Assume that the debt will need to be reclassified, if the violation is not waived. c. Consider that the debt will be due and payable, if the violation is not waived. d. Issue an adverse audit opinion.
Firms with short operating cycles will experience less of a lag between the creation and delivery of their products and the collection of cash from customers because
a. their cash flow from operations will be much greater than their working capital from operations. b. their cash flow from operations will not differ much from their working capital from operations. c. their cash flow from operations will be much less than their working capital from operations. d. there will be no relation between their cash flow from operations and working capital from operations.
At the end of each year, the management team goes on a retreat to set goals and strategies for the upcoming year. The management team is engaging in which management function?
A. planning B. organizing C. leading D. controlling
The capital that a corporation raises through the sale of shares that entitle the shareholders to certain rights of ownership is known as ________
A) stock B) currency C) dividend D) interest