The first general standard of the PCAOB requires that an audit be performed by which type of person?
a. An auditor with seasoned judgment in varying degrees of supervision and review.
b. An auditor with appropriate technical training and proficiency.
c. An auditor with adequate knowledge of the standards of field work and reporting.
d. An auditor satisfying the independence standards.
b
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Match each term with the correct statement below.
a. demand deposit b. time deposit c. money market accounts d. reserve requirement e. open-market operations f. discount rate g. savings banks h. savings & loan associations 1. Depositor-owned financial institutions 2. Checks are one type of this 3. The Federal Reserve requirement that member banks maintain a certain percentage of their deposits on hand or on deposit in the Fed 4. The process of buying and selling government securities by the Fed 5. The interest rate the Fed charges member banks for loans 6. A financial institution that was originally formed to encourage family thrift and to loan funds for mortgages
Explain the problems that underlie the lack of information in an organization.
What will be an ideal response?
Using the information shown in Table 7.1, what is the slack time for activity D?
A) 1 B) 4 C) 6 D) 7
Acme, Inc., produces widgets. To manufacture a new type of widget, it took 50 hours for the first widget. Acme estimates it has an 85% learning rate. Using the logarithmic approach, calculate the time it will take to manufacture the 50th widget.
a. 20.00 hours b. 18.25 hours c. 17.66 hours d. 22.45 hours