The Securities and Exchange Commission (SEC) has given the task of setting GAAP to the:
A. AICPA.
B. IASB.
C. FASB.
D. APB.
E. AAA.
Answer: C
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An internal control system consists of all the following policies and procedures except:
a. Those necessary to ensure the safeguarding of an entity's assets. b. Those necessary to ensure that cash on hand and on deposit in checking accounts is beyond the minimal amount for ongoing operations. c. Those necessary to ensure the reliability of its accounting records. d. Those necessary to ensure the accomplishment of its overall objectives.
A first-mover advantage is
A. the ability of later market entrants to achieve long-term competitive advantages by not being the first to offer a certain product in a marketplace. B. the ability of an innovative company to achieve long-term competitive advantages by being the first to offer a certain product in the marketplace. C. the result of a company matching a core competency to opportunities it has discovered in the marketplace. D. a combination of circumstances and timing that permits an organization to take action to reach a particular target market. E. the selection of a target market and the creation of a marketing mix that will satisfy the needs of that target market.
Employers who are covered under Age Discrimination in Employment Act should have labor unions operating a hiring hall or with:
a. twenty five or more members. b. ten to fifteen members. c. five to ten members. d. fifteen to twenty members.
In the new department she is setting up, Shondra decides that top managers will report to her and that everyone else will report to the head of human resources. Which of the management functions is Shondra performing when she makes this decision?
a. leading b. controlling c. organizing d. planning