The reference rate of interest in the eurocurrency market is the:
A) London Interbank Offered Rate
B) Prima rate
C) Federal funds rate
D) Treasury rate
Answer: A
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________ refers to the pricing of goods and services bought and sold by operating units or divisions of a single company
A) Price escalation B) Transfer pricing C) Dumping D) Competitive pricing
If the size of the sample to be used in a particular test of controls has not been determined by utilizing statistical concepts, but the sample has been chosen in accordance with random selection procedures:
A. depending on the size of the sample chosen, the auditor may actually achieve desired precision. B. the auditor has committed a nonsampling error. C. no inferences can be drawn from the sample. D. the auditor will have to evaluate the results by reference to the principles of discovery sampling.
The distributed data processing approach carries some control implications of which accountants should be aware. Discuss two
Thomas' Bike Shop stocks a high volume item that has a normally distributed demand during lead time. The average daily demand is 70 units, the lead time is 4 days, and the standard deviation of demand during lead time is 15
(a) How much safety stock provides a 95% service level to Thomas? (b) What should the reorder point be?