Preventive controls that provide early fraud detection opportunity include:
a. independent checks.
b. segregation of duties.
c. documents and records.
d. financial statement reviews
b
FEEDBACK: a. Incorrect.
b. Correct.
c. Incorrect.
d. Incorrect.
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GAAP require that research and development costs to develop a new product be
a. capitalized in the patents account. b. expensed in the period incurred. c. capitalized in the research and development costs account. d. amortized over the expected economic life of the new product.
The quick ratio:
a. is a measure of short-term debt-paying ability. b. calculation includes inventory. c. is used to evaluate profitability. d. is all of these.
There are two basic types of cost accounting systems: job order costing and process costing.
Answer the following statement true (T) or false (F)
A stop-payment order can be issued either by the drawer or the payee
Indicate whether the statement is true or false