_____ is the information an IS produces and displays in the format most useful to an organization.
Fill in the blank(s) with the appropriate word(s).
Output
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Assume that you are the new audit senior on the LV Drug Corporation (LVD) engagement. LVD is a pharmaceutical company that has three successful drugs and a number of drugs in progress in its research and development pipeline. You are considering your audit plan and it is important to identify the inherent risks that LVD has and how they relate to the planning process.Required:For each of the following factors, indicate whether it will tend to increase, decrease, or have no effect on inherent risk, and the reasoning for your answer.a. Dr. Jones is the major shareholder of LVD and its CEO.b. Your firm has audited LVD for the last four years.c. There has been high turnover of key accounting personnel during the last two years.d. The internal audit function reports to the audit committee.e.
LVD has been the subject of lawsuits by users of Framadon who claim that the drug affects their liver functions. LVD is confident that there are no such side effects from the use of Framadon. What will be an ideal response?
Passive agreement is a goal of what kind of presentation?
a. informative b. solicitation c. call to action d. persuasive
Which of the following errors will cause the trial balance totals to be unequal?
A) amount incorrectly entered on the trial balance B) failure to record a transaction or to post a transaction C) recording the same transaction more than once D) recording the same erroneous amount for both the debit and the credit parts of a transaction E) posting a part of a transaction correctly as a debit or credit but to the wrong account
A petty cash fund was established with a $600 balance
It currently has cash of $130 and petty cash tickets as shown below: Travel expense $115 Office supplies expense 310 Equipment rental expense 45 Which of the following would be the journal entry to replenish the Petty Cash account? A) debit various expenses $470; credit Cash $470 B) debit various expenses $470; credit Petty Cash $470 C) debit Cash $130; credit various expenses $130 D) credit Petty Cash $470; debit Cash $470