Jennifer Nelson,CPA,has Posted the General Ledger and Has Maintained the Financial

question 50

Multiple Choice

Jennifer Nelson,CPA,has posted the general ledger and has maintained the financial records of Quinn Corporation.As a part of his responsibilities he has recorded journal entries and made closing entries without consulting Quinn's management.Which of the following best summarize the AICPA and SEC views as to the following question: Is audit independence impaired? $$\begin{array} { l c c } \text { Item} & \text { AlCPA } & \text { SEC } \\\text { A } & \text { Yes } & \text { Yes } \\\text { B. } & \text { Yes } & \text { No } \\\text { C. } & \text { No } & \text { Yes } \\\text { D } & \text { No } & \text { No }\end{array}$$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

Recognize the relationship between business plans and executive decision-making, including bonuses and financing needs.

Grasp the process of developing business plans in various scales of companies and their review by corporate management.

Understand the importance of detail and comprehensiveness in business plans for conveying the company’s future.

Acknowledge the role and function of various planning documents such as budgets, strategic plans, and financial projections.

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Definitions:

Variances

Measures of the dispersion, indicating how spread out the data points are around the mean.

Accounting

The systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business.

Management

The process of planning, organizing, leading, and controlling resources to achieve specific goals and objectives efficiently and effectively.

Standard Deviation

A metric showing the extent of scatter among values in a dataset.