All of the following are characteristics that are required for effective responsibility accounting except:
A. motivation.
B. centralization.
C. accountability.
D. None of these answers are correct.
Answer: B
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Which of the following audit procedures is best for identifying unrecorded trade accounts payable?
A. Examining unusual relationships between monthly accounts payable balances and recorded cash payments. B. Investigating payables recorded just prior to and just subsequent to the balance sheet date to determine whether they are supported by receiving reports. C. Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period. D. Reconciling vendors' statements to the file of receiving reports to identify items received just prior to the balance sheet date.
The total manufacturing costs on job cost sheets for unfinished jobs equals the total amount in the Work in Process Inventory account in the general ledger.
Answer the following statement true (T) or false (F)
Which of the following methods starts with accrual income and adjusts it for the non-cash items it contains?
a. The indirect method b. The direct method c. Both a and b d. None of the above
As a defense to product liability, comparative negligence completely absolves a defendant of liability
Indicate whether the statement is true or false