Which of the following is not a business resource?
a. raw material
b. labor
c. information
d. all are business resources
D
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Which one of the following is not a factor that limits the service life of an asset?
A) operational use B) replacement value C) deterioration as a function of time D) obsolescence
Which of the following occurs when, based on sample results, control risk is assessed excessively high?
a. Audit inefficiency. b. A less expensive audit. c. Reduction of substantive testing. d. Errors that are more likely to occur than anticipated.
An example of a marketer-dominated source of information consulted during an external search would include
A. personal experience. B. friends and relatives. C. consumer programs on talk radio stations. D. salespeople. E. Consumer Reports magazine.
Which of the following statements is true of insurance?
A) It has to be paid after the risk has been encountered. B) It can be obtained even if one has no insurable interest in the property being insured. C) It is a means of transferring and distributing the risk of loss. D) It cannot be modified once issued.