An Alternative to a Two-Bin System,wherever Space or the Type

question 126

Multiple Choice

An alternative to a two-bin system,wherever space or the type of item doesn't fit the system,would be a:

• A)tag system.
• B)punch card system.
• C)physical inventory system.
• D)POS system.

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Definitions:

Working Papers

The various documents used and developed during an audit, including notes, calculations, copies, memorandums, and other papers constituting the accountant’s work product.

Total Mix Standard

A principle suggesting that information should be judged in its entirety, considering all contributions to the overall understanding or decision.

Scienter

A legal term denoting knowledge on the part of a person who commits a wrongful act, especially in securities law, where it involves knowledge of the act's deceitful or fraudulent nature.

Malpractice Action

A legal action filed against a professional person for failure to act in accordance with prevailing professional standards.