A very small company would have the most difficulty in implementing which of the following internal control activities?
a. Separation of duties
b. Periodic independent verification
c. Limited access to assets
d. Sound personnel procedures
A
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An aging of accounts receivable is useful in estimating the reasonableness of the allowance for doubtful accounts
a. True b. False Indicate whether the statement is true or false
A core competency is ______.
a. the sum of all essential functions of an organization b. defined by a company’s vision statement c. what gives the company an important difference in providing customer benefits and perceived value d. the financial strength of the company
Which of the following costs changes in direct proportion to a change in the activity level?
A. Variable cost. B. Semivariable cost. C. Step-fixed cost. D. Step-variable cost. E. Fixed cost.
Which of the following items are reconciling items on the book side of the reconciliation?
A) outstanding checks and correction of book error B) deposit in transit and NSF check C) bank service charge and outstanding checks D) bank service charge and correction of book error