The Director of Information Technology for the city of Bumpkiss, Minnesota, formed a company to sell computer supplies and software. All purchases made on behalf of the City were made from his company. He was later charged with fraud for overcharging the City, but was not convicted. The control issue in this case arose because the Director had both ________ and ________ duties.
A) custody; authorization
B) custody; recording
C) recording; authorization
D) management; custody
Answer: C) recording; authorization
Business
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When appraising a property built around 1900, which of the following would be used?
a. Reproduction cost for 1900. b. Replacement cost for 1900. c. Evaluate by todays standards. d. By the standards of 1900.
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An individual's portfolio consists of three separate assets. Asset 1 has a beta of 1.4, asset 2 has a beta of .84 and asset 3 has a beta of 1.05. The investor has invested $240 in asset 1, $500 in asset 2, and $260 in asset 3
Calculate the portfolio beta. A) 1.03 B) 1.17 C) 1.09 D) 0.93 E) 0.85
Business