When One Material Weakness Is Present at the End of the Year

question 108

Multiple Choice

When one material weakness is present at the end of the year, management of a public company must conclude that internal control over financial reporting is

• A) insufficient.
• B) inadequate.
• C) ineffective.
• D) inefficient.

Understand the legal remedies available for breach of contract, including specific performance and damages.

Appreciate the concept of tender in fulfilling contractual obligations.

Distinguish between express, implied, and conditional contracts and their enforcement.

Understand how contractual obligations can be discharged by performance, operation of law, or other conditions.

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Definitions:

Comprehensive Income

An all-inclusive measure of a company's income, including both its net income and other comprehensive income items that are not included in the net income.

Other Comprehensive Income

Components of total comprehensive income that are not part of net income, including items that have not been realized, such as unrealized gains or losses on available-for-sale securities.

Dividend Yield

A metric showing the annual dividend payments of a corporation as a proportion of its share price.

Market Price

The immediate value at which an asset or service is offered for buying or selling.