For the following situation, state whether it represents a strength or weakness in internal control and give the reason for your answer. Fifth National Bank requires mandatory vacations and job rotation.
What will be an ideal response?
Strength If an employee never takes a vacation or always performs the same duties, that employee may be covering up a theft or a departure from the company's policies or procedures.
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Professor Patty is very distraught that three students in her class cannot afford to buy the 42-chapter book for the course. The book is used for two semesters, although not all students take the second semester. She finally tells the three students that she will make copies of the first 21 chapters for them, at no charge. Professor Patty makes the copies and gives each chapter to the students prior to her coverage of the relevant chapter in class. If Professor Patty is sued for copyright infringement
A. she loses because by making and distributing the chapters, she is diminishing the value of the book on the national market. B. she wins because the fair use doctrine permits use of the work for educational purposes. C. she wins because she is not copying the entire book but only 21 chapters of it and is not making a profit. D. she loses because she is copying whole sections and a significant portion of the book.
Throughout history there have been significant periods of ________ when countries believed it was in their best interests to restrict international commerce.
A) socialism B) protectionism C) deregulation D) unionism E) privatization
The cutoff assertion for accounts payable includes:
A. determining whether all accounts payable are recorded in the proper period. B. determining whether all accounts payable are recorded. C. determining whether all accounts payable are properly classified in the financial statements. D. determining whether all accounts payable actually are liabilities.
Identify one type of information that might be included in an appendix: ______________
What will be an ideal response?