All of the following are true with regard to the first-in, first-out inventory valuation method except:

• A.It values inventory close to current replacement cost.
• B.It minimizes current-period income taxes.
• C.It generates the highest profit when prices are rising.
• D.It approximates the physical flow of goods.

Comment: *

Name: *

Email: *

Verification: *

The market price is the most appropriate transfer price to be charged by one department to another in the same organization for a service provided when:

• A.The purchasing department has more negotiating power than the selling department.
• B.There is an external market for that service.
• C.There is no external market for that service.
• D.The selling department operates at 50 percent of its capacity.

Comment: *

Name: *

Email: *

Verification: *

According to the International Professional Practices Framework, which of the following statements is true regarding a corporate social responsibility (CSR) program?
1) Every employee generally has a responsibility for ensuring the success of CSR objectives.
2) The board has overall responsibility for the effectiveness of internal control processes associated with CSR.
3) Public reporting on the CSR governance process is expected.
4) Organizations generally have flexibility regarding what is included in a CSR program.

• A.1, 2, and 4 only
• B.2, 3, and 4 only
• C.1, 3, and 4 only
• D.1, 2, and 3 only

Comment: *

Name: *

Email: *

Verification: *

An organization has started allowing employees to use their personal smart devices to accept vendor payments. What should the organization's bring-your-own-device (BYOD) policy include to specifically address security and privacy required by the Payment Card Data Security Standard (PCI DSS)?

• A.Data storage.
• B.Approved devices
• C.Mobile applications
• D.Backups and transfers

Comment: *

Name: *

Email: *

Verification: *

Which of the following statements is true regarding the relationship between an individual's average tax rate and marginal tax rate?

• A.In a regressive personal tax system, an individual's marginal tax rate is normally equal to his average tax rate.
• B.In a progressive personal tax system, an individual's marginal tax rate is normally greater than his average tax rate.
• C.In a regressive personal tax system, an individual's marginal tax rate is normally greater than his average tax rate.
• D.In a progressive personal tax system, an individual's marginal tax rate is normally equal to his average tax rate.

Comment: *

Name: *

Email: *

Verification: *