Which of the following is not a factor that relates to opportunities to commit fraudulent financial reporting?
A) lack of controls related to the calculation and approval of accounting estimates
B) ineffective oversight of financial reporting by the board of directors
C) management's set of ethical values
D) high turnover of accounting, internal audit, and information technology staff
C
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In a firm that fully implements the physical distribution concept:
A) Physical distribution activities are dealt with as separate, unrelated activities, not as coordinated parts of a single system. B) The firm seeks to minimize the cost of distribution for a given customer service level. C) Increasing the level of service provided is not related to customer perceptions of value. D) Physical distribution is never a source of competitive advantage. E) None of these alternatives is correct.
Integral Corp., with assets in excess of $4 million, has issued common and preferred stock and has 350 shareholders. Its stock is sold on the New York Stock Exchange. Under the Securities Exchange Act of 1934, Integral must be registered with the SEC because
A. It issues both common and preferred stock. B. Its shares are listed on a national stock exchange. C. It has more than 300 shareholders. D. Its shares are traded in interstate commerce.