Which situation violates the segregation of functions control procedure?

a. production planning and control is located apart from the work centers
b. inventory control maintains custody of inventory items
c. cost accounting has custody of and makes entries on cost records
d. work centers record direct labor on job tickets

B

Business

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The auditing standards that are used to guide the conduct of the audit are

a. Implicitly referred to in the opening paragraph of the auditor's standard report b. Explicitly referred to in the opening paragraph of the auditor's standard report c. Implicitly referred to in the scope paragraph of the auditor's standard report d. Explicitly referred to in the scope paragraph of the auditor's standard report e. Implicitly referred to in the opinion paragraph of the auditor's standard report f. Explicitly referred to in the opinion paragraph of the auditor's standard report

Business

In the case of liquidation, bondholders are paid first, followed by preferred stockholders, followed by common stockholders

Indicate whether the statement is true or false

Business