The independent check on Corporate Management can be conducted by: a. None of these b. Board of directors O c. Bank and Financial institutions d. Suppliers
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- Who is affected when a corporation fails to manage financial fraud risk? How can exposure to financial fraud be controlled? What role do external auditors play when assessing the risk of financial fraud in those companies in which audit work is carried out? What would you recommend to prevent external auditors from overlooking the application of tests of control and substantive tests when analyzing the financial statements of corporations?Which of the following factors would weaken corporate governance? A.Ensuring that the rotation of directors is such that the average incumbency ensures that all diretors are appointed for a long period so as to enhance their familiarity with the company's policies and procedures B.Stipulating the maximum number of directorship a director can commit to C.Ensuring the CEO is not the chairman of the board of directors D.The appointment of independent directors to the audit committee17. External users of financial information: A. Are those individuals involved in managing and operating the company. B. Include internal auditors and consultants. ) C. Are not directly involved in running the company. D. Make strategic decisions for a company. E. Make operating decisions for a company.
- 23. Management fraud occurs when the top executives of a company deliberately deceive stockholders, creditors, and the auditors by misstating the financial statementsSelect one:TrueFalse1. Which of the following is not an internal user? a. Creditor b. Department manager c. Controller d. Treasurer 2. Internal reports are generally a. aggregated. b. detailed. c. regulated. d. unreliable. 3. The reporting standard for external financialreports isa. industry-specific.b. company-specific.c. generally accepted accounting principles.d. department-specific. 4. A distinguishing feature of managerial accountingisa. external users.b. general-purpose reports.c. very detailed reports.d. quarterly and annual reports. 5. The job cost sheet does not showa. costs chargeable to a specific job.b. the total costs of a completed job.c. the unit cost of a completed job.d. the cost of goods sold. 6. Which one of the following best describes a jobcost sheet? a. It is a form used to record the costs chargeableto a specific job and to determine the total and unit costs of the completedjob.b. It is used to track manufacturing overhead coststo specific jobs.c. It is used by management to…24. Regarding the use of financial statements in security analysis and selection, it would be most accurate to say that: analysts can use footnotes and Management s Discussion and Analysis to better understand as- A) sumptions used in the financial statements. analysts can verify the accuracy of financial statements by using a firm s detailed accounting sys- B) tem information. further analysis of a firm s financial statements is typically not necessary if the firm has con- C) formed to applicable accounting principles. 25. VGH Comnany is a manufu
- Bank and investors are primary users of the management accounting Select one: True Falsel{Auditing} 36. Recognize the title of financial statement which is audited to know the total contribution of the shareholders in the company? a. Statement of financial performance b. Notes to Account c. Statement of Owner’s equity d. Statement of financial position1.Assume that Management had determined that its organization’s audit committee is not effective. How do the weakness in audit committee affect management’s evaluation of internal control over financial reporting? Would an ineffective audit committee constitute a material weakness in internal control over financial reporting? State the rationale for your response. 2.Why is there a need for a corporation to maintain a comprehensive and cost-efficient communication channels to shareholders and other investors? https://t.co/T2YunPMci6 may participation of employee in corporate governance be encouraged?https://t.co/R4EZqrqGgG whom is the board of directors accountable? 5.Does good governance require absolute rules that must be adopted by all organizations? Explain.Link: https://t.co/iuDNqprARZ Subject: management, accounting
- 1.What are the impact of issues in management accounting practices on the company and stakeholder? 2. Elaborate some suggestions to avoid the recurrence of the issues in management accounting practices.Which of the following finance options is given to businesses by their suppliers? O Commercial Paper O Trade Credit O Unsecured loan O Corporate bonds What is the value of an independent audit? O t is an independent opinion about the accuracy of financial statements. O It creates an income statement and balance sheet. O it guarantees the company has not committed fraud. O It is not necessary if the company uses GAAP.Which of the following statements are (is) most likely be false? 1. The principal goal of the financial manager is to maximize the wealth of the stockholders. II. One of the major functions of the board of directors is to develop long-term business strategies and goals. III. The agency problem exists primarily in companies of which common stock is closely held. IV. Key financial statements filed on Form 10-K are the balance sheet, income statement, statement of cash flows, and statement of retained earnings. V. The treasurer typically handles the accounting activities, such as tax management, data processing, and cost and financial accounting. VI. Financing decisions deal with the right-hand side (credit) of the firm's balance sheet and involve the most appropriate mix of liabilities and equity. O I, II, and IV only O III and VI only O IV, V, and VI only O III and V only