management’s disregard of regulations and regulatory authorities.

limited employee turnover within the accounting and finance department.

Which characteristic would concern an auditor about the risk of material misstatements arising from fraudulent financial reporting?

how much the sales of a company will change in response to a change in operating income.

the valuation of assets to determine how much additional debt the company can borrow.

how much the operating income of a company will change in response to a change in sales.

how much the value of capital assets will change in response to a change in sales.

What does the degree of operating leverage represent? Proper segregation of functional responsibilities calls for separation of An external auditor is required to be independent when performing A firm has $1,000 in debt and $3,000 in assets.

a violation of assignment of responsibility✔️.

What situation could be the results of the three retails store employees sharing the same cash register? What would be deducted from the balance per books when doing a bank reconciliation? Which is not one of the four perspectives of the balanced scorecard?

The net income goes to the retained earning and to the cash flow statement.The gross profit goes to retained earning, and the shareholder equity total is added to the cash flow statement.The net income goes to retained earnings, but the cash flow remains independent.✔️.Only the assets are reflected in the cash flow statement, and the net income expenses correlate with the liabilities.How are the three financial statements (income, statement, balance sheet, and cash flow statement) linked? net income or loss for products completed and sold.a plant shutdown or decommissioning of a facility.sale of unused or obsolete equipment and discontinued inventory.

disposal of a major product line or major geographical area of operations✔️.What does the discontinued operations section of the income statement refer to? Which budgeting approach request justification of all expenditures? Which is not an example of an internal control activity? What do you call a situation where more than one person collaborates to circumvent existing internal controls? Both accruals and deferrals are not expected past cash receipts and payments.Accruals are expected future cash receipts and payments, while deferrals are past cash receipts and payments.✔️.Both accruals and deferrals are both expected future cash receipts and payments.Accruals are past cash receipts and payments, while deferrals are expected future cash receipts and payments.Which answer best describes accruals and deferrals? direct materials, direct and indirect labor, and variable overhead.direct materials, direct labor, and both variable and fixed overhead✔️.direct materials, indirect labor, and variable and fixed overhead.direct materials, direct and indirect labor, and fixed overhead.What does the cost of a unit of product under absorption costing method consist of? A person who has operational responsibility should not authorize transactions for the area.A person who has record-keeping responsibility should not make journal entries.✔️.A person who has temporary or permanent custody of an asset should not account for that asset.A person who has control over an asset should not safeguard that asset.Which choice is a general guideline for adequate separation of duties to prevent both fraud and error? Which month should the business recognize the expense? The business uses accrual-based accounting. On March 15, a business receives an invoice from the power company for utilities used in February. Internal controls may be preventative, detective, corrective, or directive. A contra asset has a debit balance and therefore a positive effect on total assets.A contra asset with a positive balance will increase overall liabilities.A contra asset has a credit balance and therefore a negative effect on total assets✔️.A contra asset is not an accounting term.What effect does a contra asset account have on a balance sheet? Which statement is not an advantage of robotic process automation (RPA)?

Skillclient controls