Listed Below Are Ten Terms Followed by a List of Phrases

question 39

Multiple Choice

Listed below are ten terms followed by a list of phrases that describe or characterize five of the terms.Match each phrase with the best term by placing the letter designating the term in the space provided.
-____ Transfer of data from lower managers to top executives for accurate financial reporting.

• A)Monitoring
• B)Oversight board
• C)Control activities
• D)Corporate executive accountability
• E)Nonaudit services
• F)Control environment
• G)Internal control
• H)Information and communication
• I)Auditor rotation
• J)Risk assessment

---

Definitions:

Trend Statements

Financial statements analyzed over several time periods to identify patterns or trends in a company's financial performance.

Common Size Statements

Financial statements that present all line items as a percentage of a common base figure, facilitating comparison across periods and companies.

Sales Dollar

A term that reflects the total revenue generated from sales activities, measured in dollars.

Bottom Line

A term referring to a company's net income, indicating the essential outcome of its financial activities over a specified period.