This Broad Class of Loans Constitutes the Highest Percentage of Total

question 20

Multiple Choice

This broad class of loans constitutes the highest percentage of total assets for all banks in 2013.

• A)Business loans.
• B)Commercial and residential real estate loans.
• C)Consumer loans.
• D)Credit card debt.
• E)Less developed country loans.

Understand legal frameworks related to financial and ethics auditing, including the Sarbanes-Oxley Act.

Recognize the role of stakeholders in the ethics-auditing process.

Analyze the similarities and differences between ethics and financial auditing, and how tools from financial auditing can be applied to ethics audits.

Understand the stages of cognitive development according to Piaget, including their chronological order and defining characteristics.

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Definitions:

Relevant Range

The range of activity or volume over which the assumed cost behavior is valid, beyond which cost patterns and relationships may change.

Average Costs

The total costs divided by the number of units produced, giving a per unit cost average.

Total Variable Cost

The sum of all costs that vary with output level, including materials, labor, and other costs that increase with production volume.

Relevant Range

The range of activity within which the assumptions about fixed and variable cost behavior are valid.