Which of the following statements about a finance lease is false?

• A.The lesser capitalizes the net investment in the lease.
• B.The lesser records the leased item as an asset.
• C.The lessee records depreciation or finance cost allowance on the leased asset
• D.The lease arrangement represents a form of financing.

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What is the economic term used to describe the situation in which each nation specializes in the production of goods that it produces relatively more efficiently than other nations and imports those goods that are produced relatively more efficiently by other nations?

• A.Balance of trade.
• B.Diminishing returns.
• C.Relative competition.
• D.Comparative advantage.

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Which of the following is a characteristic of total quality management (TQM)?

• A.Management by objectives.
• B.On-the-job training by other workers.
• C.Quality by final inspection.
• D.Education and self-improvement.

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The degree of financial leverage of B, to two decimal places, is:

• A.1 03
• B.1 05
• C.12
• D.1.25

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Which of the following questions is best associated with the safeguards and controls risk element?

• A.What could happen that would adversely affect the organization's ability to achieve its objectives and execute its strategies?
• B.What can be done to prevent and avoid, mitigate, and detect risks and provide notification?
• C.What is the potential financial impact of the occurrence of an uncertain event?
• D.How often might an uncertain event occur?

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