Top management's reaction to a difference between budgeted and actual sales often depends on
a) the materiality of the difference.
b) whether management anticipated the difference.
c) the personality of the top managers.
d) whether the difference is favorable or unfavorable.
Answer: a) the materiality of the difference.
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The AICPA committee on assurance services has identified a professional service called ElderCare (PrimePlus) services. One fundamental purpose of this assurance service is to assist the elderly and their families by
a. Investing the funds of the elderly person b. Reporting whether specified objectives are being met by caregivers c. Choosing caregivers d. Performing operational audits of healthcare providers
Which of the following statements about the money markets are true?
A) Not all commercial banks deal for their customers in the secondary market. B) Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds. C) The single most influential participant in the U.S. money market is the U.S. Treasury Department. D) All of the above are true. E) Only A and B of the above are true.