Discuss risks and controls associated with long-term assets
What will be an ideal response?
The primary risks associated with long-term assets are theft, damage, and misuse. Assets must be protected from customers, employees, and other parties who would misuse or damage them. It might be difficult to steal a factory building, but not a TV or hand-held computer. Businesses of all sizes must protect assets using controls such as security departments, limiting access, and physical controls. Complete and reliable accounting records are also an important part of controls for assets. Managers need to ensure that good records are kept for assets purchased and monitor that internal control procedures are being followed.
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In a completely randomized experimental design involving five treatments, 13 observations were recorded for each of the five treatments (a total of 65 observations). The following information is provided. SSTR = 200 (Sum Square Between Treatments) SST = 800 (Total Sum Square) The mean square between treatments (MSTR) is
a. 3.34 b. 10.00 c. 50.00 d. 12.00
Sloimekia is able to produce more of a particular variety of cloth than its neighboring countries. Sloimekia and its neighboring countries have the same amount of resources for producing this particular cloth. In this case, which of the following is definitely true of Sloimekia?
A) ?Sloimekia has a higher trade surplus than its neighboring countries. B) ?Sloimekia enjoys an absolute advantage in producing this particular cloth. C) ?Sloimekia enjoys the highest balance of trade among its neighboring countries. D) ?Sloimekia has a lower balance of payments and a lower trade deficit.