13) If GE sees an increase in inventory turnover ratio, the reason could be because

There was no change in the economy

There was an upturn in the American economy

There were significant currency fluctuations

There was a dip in the economy

14) Accuracy of Accounts Receivables, using the AR Aging report meets the following management assertion

Rights

Occurrence

Cutoff

Valuation

15) Predecessor auditors are obligated to start conversation with the incoming new auditor

True

False

16) Poor segregation of duties can most likely lead to

Overstatement of assets

Understatement of assets

Will not have any impact on the financial statements

Overstatement of expenses