Answer the following statements true (T) or false (F)
1. An information system is one of the five components by which a company can achieve its internal control objectives.
2. The environment is the culture of a business, and it starts with the CEO or CFO and the top managers.
3. Internal auditors are employees of the business who ensure that employees are following company policies and that operations are running efficiently.
4. External auditors evaluate company controls to ensure the financial statements are presented fairly, in accordance with Generally Accepted Accounting Principles.
1. TRUE
2. TRUE
3. TRUE
4. TRUE
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The goal programming model for this problem has how many constraints?
Riverside Industries makes two products and each product is processed in three departments. The time requirements for each product in each department are given below. The profit for each product is also provided as well as the available hours in each department. Product Department A Department B Department C Profit 1 3 4 2 1 2 2 1 2 2 Available Hours 600 400 400 Management wants to achieve three goals. The first two goals are equal in priority. Priority 1: Produce at least 125 units of product 1. Priority 1: Produce at least 80 units of product 2. Priority 2: Achieve a profit of at least 300. A) 3 B) 4 C) 6 D) 7
Morag Manufacturing Company's budgeted income statement includes the following data
Mar Apr May Jun Sales $320,000 $340,000 $360,000 $380,000 Commission expense: 15% of sales 48,000 51,000 54,000 57,000 Salaries expense 50,000 50,000 50,000 50,000 Miscellaneous expense: 4% of sales 12,800 13,600 14,400 15,200 Rent expense 4,000 4,000 4,000 4,000 Utilities expense 2,000 2,000 2,000 2,000 Insurance expense 2,100 2,100 2,100 2,100 Depreciation expense 5,000 5,000 5,000 5,000 The budget assumes that 60% of commission expenses are paid in the month in which they are incurred and the remaining 40% are paid one month later. In addition, 50% of salaries expenses are paid in the month in which they are incurred, and the remaining 50% are paid one month later. Miscellaneous expenses, rent expense, and utility expenses are assumed to be paid in the same month in which they are incurred. Insurance was prepaid for the year on January 1. Prepare a schedule of cash payments for selling and administrative expenses for the quarter ending June 30. What will be an ideal response
Paulina operates a sole proprietorship, a corporation, and a partnership. Paulina wants to ob¬tain relief for her individual debts and the debts of her corporation and partnership. For each of these, Paulina may file a petition in bankruptcy for relief through
a. a liquidation. b. a reorganization. c. a repayment plan. d. a family-farmer bankruptcy plan.
Many courts will allow recovery for the infliction of emotional distress even in the absence of physical injury
Indicate whether the statement is true or false