Which of the following is the most critical activity that an analyst can engage in to assess the quality of the corporate governance system at Zero, among those that the consultant did not review?
A. Look for vague references to off-balance-sheet or insider information.
B. Identify the responsiveness of the board to shareholder proxy votes.
C. Evaluate the quality and extent of financial information provided to investors.
Answer: C. Evaluate the quality and extent of financial information provided to investors.
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If you believe a general ledger account was not adjusted properly or at all, you should prepare a general ledger control report listing journal vouchers in
A) numerical sequence. B) chronological order. C) general ledger account number order. D) any order, since you have to review them all anyway.
Following the expense recognition principle, to recognize expenses along with the related revenues, means to:
A) add expenses and revenues together to compute net income or net loss. B) recognize the expense of a period against the cash revenues during the period. C) abandon the matching principle. D) subtract expenses from the related revenues to compute net income or net loss.