1)

The acid-test ratio is very similar to the current ratio except the acid-test calculation includes

only highly liquid assets.

property, plant, and equipment.

all assets.

only intangible assets.

2)

Which of the following is not a goal of the design of internal controls?

improved employee morale

effective operations

compliance with laws

reliable financial reporting

3)

Stamping paid invoices PAID is an example of which of the following controls?

independent checks of performance

documentation procedures

segregation of duties

human resource controls