An entity allows customers to redeem 20 coupons for a toy cost US $3.00). Estimates are that 40% of coupons distributed will result in redemption. Since beginning the promotion this year, 4 million coupons were distributed and 1 million coupons redeemed. The adjusting entry to accrue for unredeemed coupons at year-end is

• A.Option A
• B.Option B
• C.Option C
• D.Option D

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Which of the following statements is correct regarding risk analysis?

• A.The highest risk assessment should always be assigned to the area with the highest probability of occurrence.
• B.The highest risk assessment should always be assigned to the area with the largest potential loss.
• C.The extent to which management judgments are required in an area could serve as a risk factor in assisting the auditor in making a comparative risk analysis.
• D.Risk analysis must be reduced to quantitative terms in order to provide meaningful comparisons across an organization.

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Which of the following statements about COBIT is not true?

• A.COBIT helps management understand and manage the risks associated with information technology (IT) processes.
• B.Management needs to determine the cost-benefit ratio of adopting COBIT control objectives.
• C.COBIT control objectives are specific to various IT platforms and help determine minimum controls.
• D.COBIT provides management with the capability to conduct self-assessments against industry best practices.

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On March 26, Company Z contracted with a consultant for services to be performed during the period from March 26 through April 30 in exchange for 10.000 treasury shares. The exchange took place on April 30. The treasury shares were acquired in January and were recorded at cost when the market price was US $25 per share. The market price on March 26 was US $21.50 per share. It was US $23 per share on April 30. What should the per share amount recorded for the services have been?

• A.US $21 50
• B.US $22.25
• C.US $23.00
• D.US $25.00

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In which of the following organizational structures does total quality management TOM) work best?

• A.Hierarchal.
• B.Teams of people from the same specialty.
• C.Teams of people from different specialties.
• D.Specialists working individually.

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