A Best Practice Is to Have an Oversight of the Internal

question 94

Multiple Choice

A best practice is to have an oversight of the internal audit function as a responsibility of which of the following parties?

• A)management.
• B)internal auditors.
• C)audit committee.
• D)external auditors.

Gain knowledge on the classification and users of the statement of cash flows.

Comprehend noncash investing and financing transactions and their disclosure requirements.

Understand the categorization of cash receipts and payments into operating, investing, and financing activities.

Recognize the criteria for an item to be classified as a cash equivalent.

---

Definitions:

Administrative Expenses

Costs that are not directly tied to the production of goods or services, including salaries of office staff, utilities, and rent.

Tenant-Days

A measure used in the hospitality or rental industry, representing the total number of days for which a property was rented out by tenants.

Planning Budget

A budget prepared for a planned level of activity, often for the purpose of setting goals or objectives for revenue and expenses over a period of time.

Wages And Salaries

Payments made to employees for their labor, either on an hourly (wages) or periodic basis (salaries).