A discount that buyers take for early payment of merchandise is called a

Which of the following is an appropriate responsibility of the board?

a. Performing a review of the procurement function of the organization. b. Recommending the assignment of specific internal audit staff members for specific engagements. c. Performing the internal review of the internal audit function's quality assurance and improvement program. d. Reviewing the CAE-supplied internal audit function's engagement work plan. e. Reviewing the engagement records of the external auditor to determine their competence.

A retailer will have low asset turnover when it has _____

a. high debt b. a high profit margin c. inappropriate inventory d. high financial leverage