List the features of a strong internal control system.
What will be an ideal response?
The nine features of a strong internal control system include:
• Segregating duties so that fraud or theft requires collusion.
• Hiring and training competent employees.
• Bonding employees to recover losses through insurance.
• Requiring employees to be absent from their jobs so that their replacements can discover errors or fraudulent activity that might have occurred.
• Establishing proper procedures for processing transactions.
• Establishing clear lines of authority and responsibility.
• Using prenumbered documents.
• Implementing physical controls such as locking cash in a safe.
• Conducting performance evaluations through independent internal and external audits.
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Cross subsidies:
a. occur when high–volume products are assigned less than their fair share of overhead costs. b. occur when low–volume products are assigned more than their fair share of overhead costs. c. are eliminated by volume–based costing systems. d. cause distorted cost information for pricing decisions.
Gabrielle has to attend an interview for a sales position. Which of the following would help her make a favorable first impression in the interview??
A) ?Siting erect and leaning forward slightly to express interest B) ?Using the interviewer's first name to convey friendliness C) ?Expanding her answers if the interviewer's eyes are glazing over D) ?Sitting back and relaxing to appear in control of the situation
The professional organization that serves the needs of project management professionals is ________
Fill in the blank(s) with the appropriate word(s).
A client placed three new business assets into service in 2018. The client has high taxable income and would like to maximize the deduction by using bonus depreciation. All of the following assets will qualify for bonus depreciation except
A) manufacturing equipment. B) computer software. C) a garage for the service vans. D) All of the assets qualify for bonus depreciation.