Which of the following statements is true about arbitration?
A) Arbitration is less efficient than litigation.
B) An official record of the arbitration hearing is always made to check for discrepancies.
C) An arbitrator can question the witness for information.
D) A legal counsel is required in arbitration.
C
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Which of the following risk factors suggests a heightened level of risk of material misstatement?
a. Having a stable product. b. The departure of key personnel of a company. c. Few immaterial related-party transactions. d. Declining a merger with another company.
Ratification gives the agent the same right to compensation that he or she would have had if there had been prior authorization.
Answer the following statement true (T) or false (F)
On September 30, the Sorting Department of Java Works had ending Work-in-Process Inventory of 30,000 units that was 46% complete for materials and 36% complete for conversion costs. The company uses the FIFO method. This means that for the beginning Work-in-Process Inventory, ________% of the materials and ________% of conversion costs were added during October.
A) 46; 36 B) 64; 54 C) 54; 64 D) 36; 46
Which of the following is most likely true of a product in the maturity stage of the product life cycle?
A) Sales are zero, and the company's investment costs mount. B) New competitors enter the market. C) A slowdown occurs in sales growth. D) Sales increase with decreasing competition. E) New distribution channels are acquired.