Net sales divided by average total assets is the:
A. Total asset turnover.
B. Sales return ratio.
C. Return on total assets.
D. Current ratio.
E. Profit margin.
Answer: A
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The auditor should consider all of the following when deciding whether substantive procedures will be performed at an interim date except:
A. scheduling conflicts in the audit firm that make interim testing more convenient. B. the control environment and other relevant controls. C. the assessed risk of material misstatement. D. the purpose of the substantive procedure.
A cross-functional organization is characterized by ______.
a. reporting to the person directly above and directly below you b. receiving orders from one person only c. having multiple lines of authority d. having a top-down approach of authority
How are distractions useful against counterarguments and what should the timing be when using a distraction?
What will be an ideal response?
Assume that on December 1, a $6,000, 90-day, 10 percent note receivable was received from a customer as an extension of his past-due account. The entry that would be made to record the note is:
A) Notes Receivable 6,000 Cash 6,000 B) Notes Receivable 6,000 Interest Income 6,000 C) Notes Receivable 6,000 Accounts Receivable 6,000 D) Cash 6,000 Accounts Receivable 6,000