Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

Emery Products is deciding whether to outsource the production of a certain component that is included in all of its products

It currently costs Emery Products $1.20 to make each component in-house. If Emery Products outsources, it can buy the component ready-made for $0.90 each and can shut down the production facilities it is currently using to manufacture the component and save $20,000 a year in fixed costs. Annual requirement for the component is 12,000 units. What is the effect of outsourcing? What will be an ideal response

Which of the following does Moody's advocate as a "best practice" for internal auditing in its report Best Practices in Audit Committee Oversight of Internal Audit?

a) The internal audit function should report to head of risk management. b) Audit engagement reports should include a clear grading or ranking. c) The internal audit function should rely on the organizations ERM system to determine its risk-based audit plan. d) The internal audit function should be outsourced to a 3rd party service provider to increase the function's independence.