________ are an example of a financial institution
A) Banks
B) Insurance companies
C) Finance companies
D) All of the above
D
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Regarding paperwork required of customers:
A) much of this can be avoided with technology. B) most customer enjoy filling out forms. C) this is a necessary part of any complex transaction and cannot be modified by law. D) repetition is almost always necessary such as in medical forms for doctors.
Which of the following is an IT general control that would most likely assist an entity whose systems analyst left the entity in the middle of a major project?
A. Input and output validation routines. B. Systems documentation. C. Error controls. D. Processing controls.
Which accounts are increased by using debits?
A) Cost of Goods Sold, Common Stock, Assets B) Dividends, Revenue, Liabilities C) Assets, Cost of Goods Sold, Expenses D) Liabilities, Capital Stock, Revenue
Firms account for leases using either the operating lease method or the capital (finance) lease method. Which of the following is not true?
a. The operating lease method treats leases as executory contracts. b. The operating lease method does not recognize a leased asset on the lessee's balance sheet. c. The operating lease method recognizes a lease liability on the lessee's balance sheet. d. The lessor recognizes rent revenue as the lessee uses the leased asset over time e. The lessee recognizes rent expense as the lessee uses the leased asset over time.