A Client Has a Large and Active Investment Portfolio That

question 92

Multiple Choice

A client has a large and active investment portfolio that is kept in a bank safe deposit box.If the auditors are unable to count securities at the balance-sheet date,they most likely will

• A) Request the bank to confirm to the auditors the contents of the safe deposit box at the balance-sheet date.
• B) Examine supporting evidence for transactions occurring during the year.
• C) Count the securities at a subsequent date and confirm with the bank whether securities were added or removed since the balance-sheet date.
• D) Request the client to have the bank seal the safe deposit box until the auditors can count the securities at a subsequent date.

Calculate budgeted material needs and understand raw material inventory management.

Calculate budgeted purchases based on sales and inventory requirements.

Understand factors influencing the preparation of a sales budget.

Recognize the structure and purpose of financial budgets including cash, sales, and merchandise purchases.

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Definitions:

Esteem

A psychological term describing a positive or negative attitude toward oneself; an aspect of self-respect or self-worth.

Persistence of Effort

The continual exertion of effort towards achieving a goal, despite obstacles or difficulties.

Motivation

The driving force behind individuals' actions, desires, and needs, influencing their behavior and goal achievement.

Contingency Workers

are individuals employed on a temporary basis to meet the flexible staffing needs of companies.