Which of the following types of budgets will best provide the basis for evaluating the organization's performance?

• A.Budgeted income statement.
• B.Selling and administrative expense budget.
• C.Cash budget.
• D.Budgeted balance sheet.

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Which of the following recognized competitive strategies focuses on gaining efficiencies?

• A.Innovation
• B.Differentiation
• C.Cost leadership
• D.Focus

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How do data analysis technologies affect internal audit testing?

• A.They reduce the overall scope of the audit engagement.
• B.They increase the internal auditor's objectivity
• C.They improve the effectiveness of spot check testing techniques
• D.They allow greater insight into high risk areas.

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An organization's account for office supplies on hand had a balance of S9,000 at the end of year one. During year two. the organization recorded an expense of $45,000 for purchasing office supplies. At the end of year two. a physical count determined that the organization has $11,500 in office supplies on hand. Based on this information, what would be recorded in the adjusting entry at the end of year two?

• A.A debit to office supplies on hand for S2.500
• B.A debit to office supplies on hand for S42.500
• C.A debit to office supplies on hand for S20.500
• D.A debit to office supplies on hand for $11,500

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The leadership of an organization encourages employees to form voluntary problem-solving groups whereby several employees from the same work area meet regularity during work hours to discuss improvements and creative ways to reduce costs. Which of the following best describes this approach?

• A.Self-managed teams
• B.Cross-functional teams
• C.Quality control circles
• D.Open-book management

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