Describe the "headline test" in the context of professional business communication
What will be an ideal response?
Answer: When you are facing an ethical challenge you can use the "headline test" to assess your proposed course of action. Sum up your actions as the headline of a newspaper article, and imagine how reading it would make you feel. If the headline makes you feel uncomfortable or guilty about your actions, this is a sign that you have probably acted against your own ethical principles.
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Which of the following is a disadvantage of a partnership when compared to a corporation?
a. The partnership is more likely to have a net loss. b. The partnership is easier to organize. c. The partnership is less expensive to organize. d. The partnership has limited life.
An advantage of a strong system of internal control is that less testing of the accounting system is done by the outside auditors
a. True b. False Indicate whether the statement is true or false
What is event monitoring?
The COSO principle that an organization should identify and assess changes that significantly impact the system of internal control is related to which COSO component?
a. Control Environment b. Risk Assessment c. Control Activities d. Monitoring