QUESTION 17Which of this can suggest a heightened of risk of fraud in the acquisition and payment cycle?O expected increases in gross marginOOExpenses that are at significantly normal.Inventory that is growing at a rate greater than salesO expected increases in the number of suppliers

Risk of fraud means the opportunity for misstatements or misappropriation of assets and operations…

Answered: QUESTION 17 Which of this can suggest a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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QUESTION 15 During a period when inventory costs are steadily increasing, which of the following is true? O a. Net income will be higher under LIFO than under FIFO. O b. Cost of goods sold will be lower under LIFO than under FIFO. O c. Ending inventory value will be higher under LIFO than under FIFO. O d. Income taxes will be lower under LIFO than under FIFO.
24. In which method of purchasing, price fluctuations are negligible. a.Co-operative purchasing b.Contract purchasing c.Specific future period purchasing d.Speculative purchasing 25. Which material control technique is called as ‘always better control’? a.ABC analysis b.Perpetual inventory system c.Preparation of inventory budgets d.Just in time purchase
View Policies Current Attempt in Progress Very high turnovers O are always the goal of management. O may create stockouts O are a measurement of profitability. O are unaffected by inventory writedowns.
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Which of the following is most likely to be detected by an auditor's review of an entity's sales cutoff? Multiple Choice lapping of year-end accounts receivable unrecorded sales for the year excessive sales discounts unauthorized goods returned for credit 3 Multiple Choice Which of the following is most likely to be detected by an auditor's review of an entity's sales cutoff? C lapping of year-end accounts receivable unrecorded sales for the year excessive sales discounts unauthorized goods returned for credit
Which of the following increases the cash conversion cycle? A.A decrease in inventory turnover B.An increase in the cash discount C.An increase in accounts payable D.A decrease in inventory level
A4 1a Market efficiency a. identify and describe the three forms of market efficiency. Do not use more than five sentences for each form of market efficiency. Make sure your descriptions discuss information dispersion and identification of mispriced securities.
Question Select three answers for changes in credit standards that are causes of changes in profits: A) Decrease in sales volume. B) Applying an aging analysis of balances C) Increase in contribution margin D) Increase in financial expenses due to an increase in the interest rate. E) Granting of discounts to incentivize prompt payment F) Increase in the investment in accounts receivable.
Question 12 Auditors sometimes use comparisons of ratios and analytical procedures as audit evidence. An unexpected decrease in the ratio of gross profit to sales may suggest which of the following? Unrecorded purchases Unrecorded or under reported sales Merchandise purchases being charged to SG&A expenses None of the answers provided.

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QUESTION 17 Which of this can suggest a heightened of risk of fraud in the acquisition and payment cycle? O expected increases in gross margin O Expenses that are at significantly normal Inventory that is growing at a rate greater than sales O expected increases in the number of suppliers