Which of the following is not considered an advantage of using a continuous auditing approach?
A. Transactions can be tested and analyzed closer in time to when they actually occur.
B. It can reduce the effort required for routine testing.
C. Better compliance with laws and regulations.
D. It can be costly and time consuming to set up continuous auditing processes.
Answer: D
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What important topics are discussed in the Management Discussion and Analysis section of the financial statements?
A) Business risk factors associated with the company. B) Management provides insight into key decisions implemented during that time period and future developments. C) Management utilizes this area as a forum to discuss strategic motives. D) All of these choices are discussed.
Match the following definitions and terms by placing the letter for the terms A through J in the blank space next to the best definition.A. Trade discountF. Acid-test ratioB. General and administrative expensesG. Merchandise inventoryC. FOB shipping pointH. Selling expensesD. Single-step income statementI. Multiple-step income statementE. FOB destinationJ. Inventory shrinkage___1. A measure of a company's ability to pay its current liabilities that excludes less liquid current assets such as inventory and prepaid expenses.___2. An income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.___3. The point of ownership transfer from seller to buyer that takes place when the goods arrive at the buyer's place of business.___4.
Products a company owns and intends to sell.___5. The expenses that support a company's overall operations and include costs related to accounting, human resources and finance.___6. The point of ownership transfer from seller to buyer that takes place when the goods depart the seller's place of business.___7. Inventory losses that require an adjusting entry to account for losses from theft or deterioration.___8. An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items.___9. A given percent deducted from a list price often granted to customers purchasing large quantities of merchandise.___10. The expenses of advertising merchandise, making sales, and delivering goods to customers. What will be an ideal response?
The dispersion of forecast errors is measured by both MAD and MSE, which behave differently in the way they emphasize errors. ________ gives larger weight to errors and ________ gives smaller weight to errors
Fill in the blanks with correct word
If a firm's credit terms are 2/10 net 30 days, then customers settling their bills within 30 days will get a 2% discount.
Answer the following statement true (T) or false (F)