Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with some short questions. 1. Which of the following is not a common internal control and fraud prevention policy? a. requiring written

Please help me with some short questions.

1. Which of the following is not a common internal control and fraud prevention policy?

a. requiring written proof that transaction are authorized b. separating duties among employees.

c. requiring written proof that payments are authorized d. preventing multiple payments to a single. creditor from being made in a single day

2. The following are all characteristics of a sole proprietorship except:

a. The owner of a sole proprietorship is legally responsible for the debts of the business.

b. A sole proprietorship is legally separate from its owner.

c. The owner's income and the income of the business are combined to compute the total tax responsibility of the owner.

d. The life of the business ends when the owner is no longer willing or able to keep the business going,

3. Which of the following is not considered to be a social entity?

a. public school. b. city. c. for-profit business. d. public hospital

4. Which of the following is not a characteristic of an S Corporation?

a. the corporation's owners are personally responsible for the debts of the business

b. the corporation pays no income tax

c. the corporation is a separate entity from its owners

d. the corporation has an indefinite life

5. What is the purpose of a discussion memorandum written by the FASB?

a. to describe a proposed statement of financial accounting standards

b. to summarize the opinions of interested parties expressed at public hearings

c. to explain the topic being considered in anticipation of an upcoming statement of financial accounting standards.

6. Which of the following is not accurate regarding the auditor's report?

a. It contains the auditor's opinion about the fair presentation of the operating results and financial position of the business.

b. It confirms that the financial information is prepared in conformity with generally accepted accounting principles.

c. It is made available to the public.

d. It is excluded from the financial statement.

Thanks.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 10 - One-Time Charges And Other Format Fakes

Authors: Kate Mooney

2nd Edition

0071719326, 9780071719322

More Books

Students also viewed these Accounting questions