Which of the following is an example of project risk?
A. The IT project may exceed budget.
B. The financial benefits may not be delivered.
C. The IT project is not aligned with the company's strategy.
D. The technology will not work as expected.
Answer: A
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In assessing the competence of the internal audit function, an independent CPA most likely would obtain information about the:
A. influence of management on the scope of the internal audit function duties. B. organization's commitment to integrity and ethical values. C. quality of the work of the internal audit function. D. organizational levels to which the internal audit function reports.
Which of the following is a correct statement regarding implied warranties?
A. The seller cannot include a clause in the sales contract that excludes implied warranties. B. Implied warranties are absolute. C. The courts do not favor implied warranties. D. One of the implied warranties of quality imposed under the Uniform Commercial Code is the implied warranty of merchantability.
Which of the following is not true about the effect of an error in the reported ending inventory?
a. After two years, the error "washes out"; b. Operating expenses will be wrong; c. Overstated ending inventory causes net income to be overstated; d. Beginning inventory in the following year will also be wrong; e. Reported sales will not be affected
Which of the following statements contradicts the philosophy underlying the just-in-time operating environment?
A) The work force must become multiskilled in order to operate different machines and perform other tasks in the work cell. B) A customer order triggers the purchase of materials and the activation of the production process. C) Large inventories are maintained in order to fulfill customer orders on a timely basis. D) Flexible work cells are created to increase productivity.