Which of the following illustrates the internal control procedure—separation of duties?
A) Cashiers must not have access to accounting records.
B) External auditors will monitor internal controls.
C) Electronic devices must be installed to reduce theft.
D) The invoices and other documents must be pre-numbered.
A
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[The following information applies to the questions displayed below.] Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.)1) Acquired $6,000 cash from issuing common stock. 2) Borrowed $4,400 from a bank. 3) Earned $6,200 of revenues. 4) Incurred $4,800 in expenses. 5) Paid dividends of $800. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.)1) Acquired an additional $1,000 cash from the issue of common stock. 2) Repaid $2,600 of its debt to the bank. 3) Earned revenues, $9,000. 4) Incurred expenses of $5,500. 5) Paid dividends of $1,280. What was the net cash flow from financing activities reported on Lexington's
statement of cash flows for Year 2? A. $1,000 outflow B. $2,880 outflow C. $2,880 inflow D. $1,000 inflow
The last area to drop tariffs in NAFTA was
A. agricultural products into Panama. B. lumber into the U.S. C. milk products into Canada. D. corn exports into Mexico.
Pikabo files an employment discrimination suit against Quantitative Analysis, Inc, under Title VII of the Civil Rights Act, based on its discharge of Pikabo. Possible relief includes
a. imprisonment. b. reinstatement. c. fines. d. an order to shutdown the employer's business.
Leverage results from the use of equity to magnify returns to a firm's owners
Indicate whether the statement is true or false