Which of the following audits is the most common and typically less comprehensive?
A. Office.
B. Correspondence.
C. Field.
D. Random.
E. None of the choices are correct.
Answer: B
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Which one of the following statements is NOT correct?
a. The accounting function should be separated from the custodianship of a company's assets. b. Certain clerical personnel in a company should be rotated among various jobs. c. A company's personnel should be given well-defined responsibilities. d. The responsibility of receiving merchandise and paying for it usually should be given to one person.
A high accounts receivable turnover in comparison with competitors suggests that the firm should tighten its credit policy.
Answer the following statement true (T) or false (F)
Doughtry's Pet Shop reported a net loss of $1,500,000 and total expenses of $2,900,000. How much were the total sales?
A) $4,400,000 B) $1,400,000 C) $2,900,000 D) $1,500,000
A budget can be an effective means of communicating management's plans to employees.
Answer the following statement true (T) or false (F)