A small private entity may use less formal means to ensure that internal control objectives are achieved. For example, extensive
accounting procedures, sophisticated accounting records, or formal controls are least likely to be needed if
A. Management is closely involved in operations.
B. The entity is involved in complex transactions.
C. The entity is subject to legal or regulatory requirements also found in larger entities.
D. Financial reporting objectives have been established.
1 answer:
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- a. Susan purchases stock in Pherk, a pharmaceutical company. -- Investment
- b. Megan buys new bulldozers for her construction firm. -- Investment
- c. Larry purchases a certificate of deposit at his bank. -- Saving
- d. Raphael takes out a mortgage for a new home in Detroit. -- Saving
Explanation:
- The investment is a what is spent on the goods and services that are not consumed but are durable and the savings are what is left over after the national incomes are spent on the consumption of the goods and the services and an purchase of stock.
- the buying of the construction firm is a type of investment and the purchase of a certificate of deposit and mortgage for a new home is the type of the saving which is for the future use.
