Indicate which of the following statements is TRUE with respect to internal controls. (check all that apply) Select one or more: a. Fraud committed by top-level employees is more difficult to detect because those employees more often have the ability to override internal control procedures. b. The components of internal control are built on the foundation of the ethical tone set by top management. c. Collusion refers to the act of a single individual circumventing internal control procedures. d. Historically, customer tips have been the most common means of detecting employee fraud.

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.

Which of the following results in an increase in the standard of living? a. an increase in unemployment pushes down the cost of production. b. wages go up to correct for the inflation of prices. c. income increases, enabling consumers to buy more goods and services. d. rising production costs drive up the price of goods and services.